Integrated Annual Report 2023

CONNECT TO LEAD
2023
Integrated Annual Report
The planet’s pathways

Disclaimer
This document contains forward-looking statements, specifically in the section entitled and "Business outlook", that
relate to future events and the operating, economic and financial results of Prysmian. By their nature, forward-looking
statements involve risk and uncertainty because they depend on the occurrence of future events and circumstances.
Actual results may diverge even significantly from those announced in forward-looking statements due to a variety of
factors.
"Connect, to lead" represents the essence of Prysmian's mission and strategic vision. We want to
connect the world and together lead the energy transition and digital transformation. We want to
push ourselves further and further. Beyond the boundaries of innovation, developing sustainable
technologies and solutions in tune with the evolving dynamics of the market. To be the leaders. To be
a driving force behind the transformation
Index
Letter from the CEO 7
A. INTEGRATED ANNUAL REPORT 9
1. Introduction: Prysmian approach to the integrated report 9
2. Highlights 10
Key financial, operating and ESG performance data 10
3. Prysmian: Connect, to lead 12

Global leadership 12
The DNA of Prysmian: mission, vision and values of the Group 14
Favorable market development: 4 macro-trends 15
Prysmian’s competitive advantages 16
Prepared for the future 17
The pillars of the Prysmian’s strategy 18
Prysmian’s business model 20
4. Prysmian: Sustain, to lead 22

Prysmian’s approach to sustainability: a model based on four pillars 22
Prysmian’s commitment to sustainable development and the achievement of the UN SDGs 23
5. Prysmian’s two ambitions: Climate Change and Social Ambition 25

Climate Change Ambition 25
Social Ambition 26
6. The sustainability scorecard 27
7. An international network 30
Prysmian in ESG indices 30
Proactive role in trade associations and organizations 32
8. Corporate governance 34
Directors and auditors 34
Governance and corporate structure 34
Organization chart 40
Ownership structure 42
Shareholders’ meeting 45
9. Business environment and financial markets 47

Macroeconomic environment 47
Financial market performance 48
10. Significant events during the year 50
11. Group performance and results 60

Financial performance 60
Review of Projects operating segment 62
Review of Energy operating segment 63
Review of Telecom operating segment 66
Results by geographical area 67
Group statement of financial position 68
Alternative performance indicators 72
2 Prysmian - Relazione Annuale Integrata 2023

12. Risk factors 76
Prysmian Risk Model 76
Risk assessment criteria 78
Strategic risks 79
Financial risks 80
Operational risks 83
Legal and compliance risks 85
Planning and reporting risks 85
13. Other information 86
14. Business outlook 87
15. Certification pursuant to Art. 2.6.2. of the regulation of markets organized

and managed by Borsa italiana S.p.A. 87
16. Consolidated non-financial statement 88

Introduction 88
Stakeholder engagement and materiality analysis 89
Prysmian’s impact materiality 91
Dialogue with Prysmian’s stakeholders 93
Sustainability week 94
2023 Sustainability Call for Ideas Project 94
Prysmian’s Financial Materiality 101
Ethics and integrity 106
Business ethics and integrity: the pillars of sustainability 106
Prysmian's tax strategy 110
Cybersecurity 120
Environmental responsibility 123
Environmental performance of Prysmian 124
Environmental investments 125
Environmental data reporting 127
People, Prysmian’s human capital 140
Composition of human capital 142
Training and development 152
Remuneration policy and welfare plans 155
Respect for Human Rights 159
Health and safety in the workplace 161
Sustainable value chain 166
Prysmian’s supply chain 167
Logistics and transportation 174
Prysmian's Customers. The Customer Excellence approach 176
Positive impact on communities 178
Sustainable innovation for products, applications and processes 180
The pillars of innovation and the Innovation Steering Committee 182
Introduction of New Products 193
Group Investment for a sustainable future 195
Intellectual Property 197
Methodology 200
Calculation of GHG emissions 201
Calculation of Scope 3 GHG emissions 202
GRI Content Index 208
17. SASB e TCFD 213

SASB Index 213
TCFD correlation table 214
Annexes to the Consolidated Non-Financial Statement 214
18. EU Taxonomy 222

The process for determining eligibility 222
The process for determining alignment 223
Criteria for the calculation of KPIs and background information 229
Commentary on performance trend and future development 231
19. Audit report on non-financial disclosure 239
A. Relazione sulla gestione 3

B. CONSOLIDATED FINANCIAL STATEMENTS 243
1. Consolidated financial statements 243
2. Explanatory Notes 247
3. 3. Certification of the Consolidated Financial Statements pursuant

to Art. 81-ter of CONSOB Regulation 11971 dated 14 May 1999 as amended 343
4. Auditor’s Report 344
C. PARENT COMPANY FINANCIAL STATEMENTS 351
1. Directors’ report 351
2. Financial statements 359
3. Explanatory notes 363
4. Certification of the separate financial statements pursuant

to Art. 81-ter of CONSOB regulation 11971 dated 14 may 1999 as amended 416
5. Auditors’ Report 418
6. Report of the Board of Statutory Auditors 423
4 Prysmian - Relazione Annuale Integrata 2023

Letter from the CEO
The year 2023 was an extraordinary year for our Company, as
we continued with the positive results achieved during the
previous year. Despite a challenging economic environment
- characterized by a still fragile macroeconomic and market
scenario - we have confirmed our position as market leader
through a comprehensive and balanced portfolio that is well
exposed to structural trends and great resilience. Once again
Prysmian ended 2023 with excellent performance, ensu-
ring a creation of value for all our stakeholders.
By carefully understanding the market dynamics, we expe-

rienced solid margin expansion and strong cash genera-
tion. The revenue figure proves to be essentially stable at
€15,354M with significant growth in the Projects business
(organic growth +15.3%), supported by solid execution of in-
terconnection and offshore wind farm projects, as well as
projects with better profitability in the backlog. We closed
the year with a record backlog of about €18 billion.
The results in terms of profitability were significant, with a

major increase in Adj EBITDA growing to €1,628M (+9.4% vs
2022). Margins also improved to 10.6% (9.3% in 2022), in addi-
tion to an increase in net profit to €547M (+7.5% vs. 2022).
Cash generation remains a key factor in our success, with

Free Cash Flow at €724M (+29.5% vs. 2022). The soundness of
the financial structure enables us to sustain with balance the sizeable investments to support growth, to make our
leadership even more solid and to seize the opportunities offered by the market.
No less important has been our commitment to ESG performance. Prysmian recognizes that sustainability is an
essential element in creating value for all our stakeholders. We have further revised our decarbonization plan
upward to contribute even more proactively to the fight against climate change. We continue to drive innovation in the
cable industry by developing products that have a lower environmental impact and that can support our customers
in their decarbonization goals.
Significant improvements have also been recorded in the goals of inclusiveness and focus on people. The re-
sults of initiatives implemented by Prysmian in recent years have enabled the company to intensify its efforts to antici-
pate achieving some of the targets set for 2030 as early as 2027, such as the KPI on gender equality. I am also proud to
note that 46% of our employees, including blue collars, are shareholders in the group, an important lever for the future
success of the company, as well as a source of great pride.
In conclusion, I would like to express my gratitude for having had the honor of leading this company for almost two
decades. I am extremely pleased with the milestones we have achieved together, supported by a competent and
well-established management team and talented colleagues, without whom Prysmian would not be what it is today:
a world leader in the cable industry.
With confidence I place the helm in the hands of Massimo Battaini, who has been part of the team since the beginning
of this great project and has played a key role in the most important moments for the Group. It is, therefore, a source of
pride for me to complete my term, handing over to my successors a solid company with a clear vision for its future. It is
a story that, starting tomorrow, I will support from a different position, but with the same closeness.
Valerio Battista
Chief Executive Officer, Prysmian
7
A
8 Prysmian - Integrated Annual Report 2023

INTEGRATED ANNUAL REPORT
1. Introduction: Prysmian approach

to the integrated report
Prysmian presents its annual financial report in the “integrated” form as a tool for integrated reporting of financial and
non-financial data, serving as additional proof of the Group’s daily commitment to integrating sustainability within
its business strategies and its role as an enabler of the energy transition and digitalization process. In an integrated
manner, the Report explains the Group’s ability to create both financial and non-financial value over time, in the
context and markets in which it operates.
The Integrated Annual Report, approved by the Board of Directors on 28 February 2024, consists of the Directors’
Report (integrated with both financial information and the Non-Financial Declaration, including also the EU Taxonomy
disclosures required by Regulation (EU) 2020/852), the Consolidated Financial Statements and the Parent Company
Annual Report of Prysmian S.p.A.. The decision to integrate financial and non-financial data into a single report is in
accordance with the provisions of Art. 5(3)(a) of Italian Legislative Decree 254/2016. The Group presents the Consolidated
Non-Financial Statement in a specific section of the Directors’ Report. The Consolidated Non-Financial Statement was
approved by the Board of Directors on 28 February 2024. The document is subjected to a limited review by an auditing
firm, EY S.p.A., in accordance with the International Standard on Assurance Engagements (ISAE 3000 Revised).
The Parent Company Financial Statements and the Consolidated Financial Statements have been prepared in
accordance with IAS/IFRS international accounting standards.
The expanded, holistic reporting encompasses strategy, governance, production activities, financial performance and
interactions with the social, environmental and economic context. This revolution in corporate reporting reflects the
adoption of an innovative cultural approach. For Prysmian, combining the Non-Financial Statement with the Annual
Report means explaining, in a coherent, rigorous and yet engaging manner why sustainability is central to the Group’s
business.
This method of reporting makes it possible to explain how Prysmian has become a leader in the worldwide ecological
transition process – a sustainability enabler – by describing our history, performance, innovations and projects that, at
a global level, allow the transportation of clean energy and deliver connectivity with state-of-the-art solutions.
In addition to the Integrated Annual Report, Prysmian has voluntarily decided to publish separately a Sustainability
Report, supplementing the contents of the Non-Financial Statement, and which has undergone assurance by auditors
EY S.p.A.
The documentation published for 2023 on sustainability matters also includes:
• the 2023 TCFD Report, dedicated to information about the management of climate change risks in accordance
with TCFD (Taskforce on Climate-related Financial Disclosures) recommendations;
• the 2023 GHG Statement, dedicated to calculation of the CO2 emissions generated by Prysmian and its entire value
chain;
• the 2023 SASB Report, providing information in compliance with Sustainability Accounting Standards Board (SASB)
framework.
European Single Electronic Format (ESEF) fulfillments

This document is prepared in PDF format and is a supplementary version to the official version that complies with the
provisions of Delegated Regulation (EU) 2019/815 of the European Commission (European Single Electronic Format –
ESEF Regulation) and is available on the Company’s website as well as at the authorized storage mechanism called
“eMarket STORAGE”1.
1 www.emarketstorage.com
A. Directors’ report 9
2. Highlights
Key financial, operating and ESG performance data

All percentages contained in this report pertaining to financial data have been calculated with reference to amounts
expressed in thousands of Euro.
(Euro/million) 2023 2022 % Change 2021
Sales 15,354 16,067 -4.4% 12,736
Adjusted EBITDA before share of net profit/(loss)

1,595 1,442 10.6% 958
of equity-accounted companies
Adjusted EBITDA(1) 1,628 1,488 9.4% 976
EBITDA(2) 1,485 1,387 7.1% 927
Adjusted operating income(3) 1,270 1,119 13.5% 647
Operating income 860 849 1.3% 572
Profit/(loss) before taxes 764 739 3.4% 476
Net profit/(loss) 547 509 7.5% 310
(Euro/million) 31.12.2023 31.12.2022 Change 31.12.2021
Net invested capital 5,493 5,517 (24) 5,295
Employee benefit obligations 333 329 4 446
Equity 3,972 3,771 201 3,089
- of which attributable to non-controlling interests 191 186 5 174
Net financial debt 1,188 1,417 (229) 1,760
Net capital expenditure(4) 624 452 38.1% 275
Employees (at period-end) 30,088 30,185 -0.3% 29,763
Earnings/(loss) per share
- basic 1.94 1.91 1.17
- diluted 1.84 1.90 1.17
Number of patents(5) 5,460 5,760 5,539
Number of plants 108 108 108

(1) Adjusted EBITDA is defined as EBITDA before income and expense for business reorganisation, non-recurring items and other non-operating income and expense.
(2) EBITDA is defined as earnings/(loss) for the year, before the fair value change in derivatives on commodities and in other fair value items, amortisation, depreciation and
impairment, finance costs and income, dividends from other companies and taxes.
(3) Adjusted operating income is defined as operating income before income and expense for business reorganisation, non-recurring items and other non-operating
income and expense, and before the fair value change in derivatives on commodities and in other fair value items.
(4) Net capital expenditure reflects cash flows from disposals of Assets held for sale and from disposals and additions of Property, plant and equipment and Intangible
assets not acquired under specific financing arrangements, meaning that additions of leased assets are excluded.
(5) These are the total number of patents, comprising patents granted plus patent applications pending worldwide.

Several of the ESG performance objectives achieved by Prysmian in 2023 are particularly meaningful when discussing
the creation of value shared with stakeholders. Some of these indicators are also included in the short- and long-
term incentive schemes. These will be discussed in detail in the relevant sections of the Consolidated Non-Financial
Statement.
A summary is presented below:
2023 2022 % Change 2021
Emissions of tCO₂ - Scope 1 and Scope 2 Market Based(1) 616,059 665,104 -7% 706,969
Percentage of Scope 1 and Scope 2 CO₂ reduction vs 2019

-33% -28% -5% -22%
baseline(2)
Percentage reduction of Scope 3 emissions

-10.0% -7.5% -2.5%
vs 2019 baseline
Share of recycled content on PE jackets and copper(3) 12.7% 10.0% 2.7%
Percentage of women executives

18.8% 15.7% 3.1% 13.5%
(job grade ≥ 20)(4)
Percentage of Desk Workers women hired(5) 46.0% 44.9% 1.1% 39.0%
Leadership Impact Index (LI)(6) 57% 55% 2% 54%
Safety Assessment Plan(7) 3.4
Share of revenue linked to Sustainable Products(8) 37% 30% 7%

(1) Scope 1 emissions are defined as the organisation’s direct emissions, being those generated by resources under its direct control. Reported Scope 1 emissions derive
from combustion processes (using natural gas, LPG, petrol, diesel, fuel oil, marine diesel), leaks of refrigerant gases (HFC, PFC) and SF6 gas leakage. Scope 2 emissions are
those indirect emissions of the organisation that derive from its direct consumption excluding generation activities. These include purchased electricity, district heating
and steam. With regard to Scope 2 emissions, Market-based is a method of quantification based on the CO₂ emissions of the energy suppliers from which the organisation
purchases an electricity bundle under a contract.
(2) Percentage of reduction in CO2 emissions (Scope1 and 2) compared to the year 2019, according to SBTi methodology. Scope 2 is calculated using the Market-based
method.
(3) Percentage by weight of recycled content of certain purchased materials. The scope of the indicator includes: 1) copper purchased at Group level, excluding occasional
suppliers and semi-finished products; 2) polyethylene used for sheathing, excluding those applications for which customers do not allow the use of secondary materials.
(4) Share of women in executive positions (job grade 20 and above) as a percentage of total executive employees. The number of employees is the headcount as at 31
December 2023, including all permanent contract and temporary ones. The KPI shows the ability of the Group to develop internal figures to take on leadership roles, its
capability to hire them from the market and its ability to retain those talents..
(5) Share of women desk workers hired with permanent contract compared to the total employees hired with permanent contract. The index includes all desk workers
hired abroad (including global recruiting programs and projects) and all change of contracts from agency/temporary to permanent.
(6) Index calculated as the percentage of employees who declared a level of engagement with the company of at least five out of seven points in the Speak Up survey
conducted by the company. The indices and the survey were developed in collaboration with POLIMl University in order to ensure their quality and anonymity.
(7) Index relating to the level of maturity in the safety management of the Group’s various plants, calculated following an Audit conducted by a specialized third-party
company. The index consists of four different categories (governance, employee engagement, risk assessment and injury frequency rate). At the end of the assessment, an
overall score is given on a scale of 1 (lowest) to 5 (highest).
(8) Portion of revenues from sustainable products. With the aim of making the Group’s approach more organic and due to the progress made in developing sustainable
products and solutions in all Regions, the company has decided to eliminate the division between Europe and the rest of the world in the calculation of this KPI, as already
shown during the Capital Markets Day held in October 2023.
3. Prysmian: Connect, to lead
Global leadership
With a direct presence in more than 50 countries around the world, 108 factories, 26 R&D centers and over 30,000
employees, Prysmian is a global leader in cable systems for energy and telecommunications. The Group HQ in Milan,
Italy, employing around 800 persons, is supported by regional headquarters in North America, South America, EMEA
(Europa, Middle East and Africa) and APAC.
Prysmian was established in 2005 following acquisition of the Energy Cables and Systems and Telecom Cables and
Systems businesses of Pirelli by the Goldman Sachs group. The Company was listed on 3 May 2007, with the market
placement of 46% of the shares held by the Goldman Sachs group and joined the main FTSE MIB index in the following
September. Prysmian is one of the few Italian industries with global reach to achieve public company status. It is a
company whose shares are held by international institutional investors, in which the creation of shareholder value is a
key factor when making strategic decisions at all levels.
North America 24 plants

Canada USA
Oshawa Abbeville
Prescott Bridgewater
Saguenay QC - Lapointe Claremont
St. Jerome Du Quoin
St. Maurice Indianapolis
Jackson
Lawrenceburg
Lexington
Lincoln
Manchester
Marion
Marshall
North Dighton
Paragould
Rocky Mountain
Schuylkill Haven
Sedalia
Williamsport
Willimantic
Latin America 13 plants

Argentina Cile
La Rosa Santiago
Brazile Colombia
Joinville Bogotá
Poços de Caldas
Sorocaba Eden Costa Rica
Sorocaba Fiber Heredia
Vila Velha
Messico
Durango
Nogales
Piedras Negras
Tetla
+50
countries
108 plants

EMEA 56 plants
Angola Ivory Coast
Luanda Abidjan
Czech Republic Norway
Velké Mezirící Drammen
Estonia Oman
Keila Al Khuwayriyyah (Sohar) - OAPIL
Factory2 Rusayl (Muscat) - OCI
Finland
Oulu
Portugal
Pikkala
Morelena
France
Romania
Amfreville
Milcov
Calais
Slatina
Charvieu
Chavanoz Russia
Cornimont Rybinsk
Douvrin
Slovakia
Gron
Prešov
Montereau
Paron Spain
Sainte Geneviève Abrera
Santa Perpetua
Germany
Santander
Baesweiler (Cologne)
Vilanova
Berlino
Neustadt Sweden
Nordenham Plant Nässjö
Norimberga The Netherlands
Schwerin Delft
Wuppertal Eindhoven
Hungary Emmen
Balassagyarmat Nieuw Bergen
Kistelek Tunisia
Italy Grombalia
Arco Felice Menzel Bouzelfa
Battipaglia Turkey
Giovinazzo Mudanya
Livorno
Merlino UK
Pignataro Maggiore Aberdare
Quattordio Bishopstoke
Washington
Wrexham
APAC 15 plants
Australia Indonesia
Dee Why Cikampek
Liverpool
Malaysia
China Melaka
Haixun DEP
Shangai New Zealand
Suzhou New Lynn
Tianjin
Yixing Philippines
Zhongyao DEP Cebu
India Thailand
Chiplun Rayong
around
26
R&D
30,000
employees
5
cable-laying
centers ships
2027
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Global cable
solutions
CONNECT provider
2023 TO LEAD
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The DNA of Prysmian: mission, vision and values

of the Group
Over the last two years, the world has faced complex and interlinked political, economic and social crises, such as the
wars in Ukraine and the Middle East, the isolation of China, the slowdown in global growth and high rates of inflation,
not to mention extreme climate events. These circumstances generated challenges associated with energy and food
supply, scarcity of raw materials and the strategic role of cyber security, which have prompted businesses to adopt
increasingly flexible and resilient business models.
In a volatile, uncertain, complex and ambiguous world, it is therefore essential to understand the direction of changes
to turn them into opportunities for growth, while also maintaining the steadfast pillars of the company’s DNA. Indeed,
Prysmian’s actions are underpinned by its mission – “To offer our customers worldwide cables and solutions for the
transport of energy and telecommunications, using state-of-the-art technological solutions,” its vision – “We believe
in the efficient, effective and sustainable supply of energy and data as the main driver for community development”,
and its values:
Drive
Our objective is to guide the evolution of our industry: we develop our human capital and our business, by
following a clear strategy while anticipating customer needs.
Trust
We aim to create an environment that inspires trust, where diversity and collaboration are valued, and people
are empowered to make decisions with integrity.
Simplicity
Our challenge is to simplify all that we can, focusing on activities that generate high value and timely
decisions that enhance the Group’s results.

Favorable market development: 4 macro-trends
Risks arising from the recent instability in the global socioeconomic and geopolitical landscape are not the only ones
with which the Group will have to deal. Indeed, at industry level, 2023 confirmed the emergence of four global trends
that Prysmian will need to take into account in the near future, to then aim to turn them into major development
opportunities:
1. Growth of renewables (Energy transition):

> 70% by 2050
By 2050, electricity generated from renewable sources will account for 70% of total electricity on a global scale,
more than double today’s 30%.
2. Electrification:
+30% electricity consumption by 2030
Population growth and the resulting increase in telecommunications infrastructure are some of the drivers
that will increase electricity consumption by 30% by 2030.
3. Enhancement of energy networks:

3x annual investment in grids by 2050
To support the energy transition, massive capital expenditure will be needed in strengthening the grid with
the goal of making it capable of handling increased energy demand.
4. Digital transformation:
2.5x sites and towers connected with fiber by 2030
Concurrent with the growth in energy demand, there will also be an exponential increase in data consumption.
The development of new technologies is fostering innovative new solutions (2x IoT devices by 2030), which will
require increasingly fast and accessible connectivity at a lower cost. To support this transition, investments in
data centers valued at USD 330 billion are planned between 2022 and 2030.
Each of these trends shows strong convergence and interdependence between energy and digitalization. Just think of
the case of data centers or 5G towers, where suppliers, distribution channels, customers and value chains all intersect.
Cutting across these four trends, the increasing focus of customers, investors and partners throughout the value
chain on all aspects of sustainability is another element of market renewal, as well as a significant opportunity for
Prysmian.
As an enabler of the global green transition and digitalization, the so-called “twin transition”, Prysmian supports the
achievement of the goals of the European Green Deal by implementing its sustainable strategy.
This complex transition process requires the modernization, in the industrial realm, of production processes through
the development of new solutions that help society as a whole become more sustainable. To this end, technology and
the smart use of data play a strategic role, which still has great untapped potential.
Together, digitalization and the energy transition can have a positive impact by making technology, data resources
and infrastructure greener, while also accelerating sustainability throughout the organization.
Prysmian’s competitive advantages
In order to face the continual complex changes described, Prysmian can count on a solid business model based on
the following strategic pillars:
Diversification
A broad product portfolio and geographically diversified coverage to exploit the convergence of Energy and
Digitalization and reduce the cyclic nature of Prysmian’s various businesses.
Technological excellence
Innovative solutions and highly skilled human capital to support Prysmian’s positioning as a market leader
and develop products with a lower environmental impact.
Decentralized supply chain

A decentralized supply chain capable of creating customized solutions to establish itself as a leader even in
years of major geopolitical change.
Aggregation hub
Ability to successfully conclude acquisitions and integrations, for significant cost and revenue synergies.

Prepared for the future
Leveraging these robust competitive advantages, on 5 October 2023 – at the company’s first Capital Markets Day –
Prysmian announced its new strategic plan to 2027, based on which the company aims to:
Consolidate its leadership

in core sectors (e.g., interconnections, network enhancement, FTTx) with structural and long-term growth,
including through targeted investments in production capacity and strategic assets.
Be a pioneer in technological innovation

both in sectors where Prysmian is already the recognized leader and in rapidly expanding sectors where there is
greater room for growth, such as Solar, Wind, EV Charging, Data Centers and 5G.
Strengthen its intimacy with customers

to identify technological innovation needs early, including through greater emphasis on offering turnkey
services.
Leverage the group’s unique expertise

developed over decades, and the breadth of the product portfolio and markets in which Prysmian operates,
to offer distinctive solutions in a timely manner.
Selectively expand the portfolio with M&A

aimed at filling niches that are currently uncovered – whether geographically or in terms of product –
especially in high-growth and innovative sectors.
The pillars of the Prysmian’s strategy
Prysmian’s strategy is to capitalize on its leadership positions and to conquer new markets experiencing growth in order
to become a global cabling systems supplier capable of driving the energy transition and the digital transformation.
The cable industry is increasingly strategic due to long-term structural market trends that demand resilient, high-
performance, sustainable and innovative cable systems. In this context, and based on the results achieved so far, the
Group’s strategy comprises four pillars:
Self-financed capacity Balanced and

expansion innovative portfolio
Investments supporting organic growth, New approach to innovation, which

underpinned by strong cash genera- consists of improving electrical perfor-
tion. This implies that the Company mance, and focuses on the transition to
will continue to invest in expanding more sustainable cable solutions that
its capacity and enhancing its ability contribute to the decarbonization of
to serve customers and keep up with the economy.
growth in demand. The Group’s finan-
cial strength was recently confirmed
with Standard & Poor’s recognition of
its public rating of “Investment Grade”
(BBB-).
In order to support this growth, CapEx

will double from Euro 310 million to
Euro 540 million over the next 5 years.

Empowerment Business
of people segmentation
Prysmian recognizes and appreciates The Group’s structure will evolve from
the significance of its workforce, be- the current three to four new business
lieving it to be a fundamental pillar of segments starting from 2024, accu-
the Company’s success. Therefore, the rately reflecting the four market trends
Group invests heavily in promoting identified (Transmission, Power Grid,
creativity and collaboration among Electrification and Digital Solutions).
employees and developing their skills, This new segmentation will improve
driving their engagement, facilitating go-to-market effectiveness, ensuring
digital inclusion and fostering diversity greater visibility into how the Group op-
and people’s sense of inclusion. erates in the various areas.
Prysmian’s business model
Every day, all over the world, Prysmian contributes to the development of smarter, more sustainable electricity and
telecommunications networks to transport clean energy and information faster and farther.
While Prysmian’s positioning as a “cable manufacturer” remains at the heart of what it does, the new strategy
announced in October aims to position Prysmian as a “Global provider of cabling solutions, at the helm of the energy
transition and the digital transformation; “Connect, to lead.” Indeed, the ability to increasingly integrate the various
components of engineering, installation, network monitoring and after-sales services into value-added services
guarantees recurring revenue and long-term partnerships with customers.
Until the end of 2023, Prysmian had three macro-areas of activity: Energy, Telecom and Projects. These will be subject
to a partial reorganization, announced in October during Capital Markets Day and effective as of the beginning of
2024, based on which the Group’s activities will be divided into four new segments instead of the three existing ones,
in order to be better positioned to take advantage of the opportunities arising from the 4 macro-trends described
above:
Transmission
which includes the Submarine Power and Land HVDC business units, currently belonging to the Projects
segment;
Power Grid
which includes the HVAC business unit, also currently in the Projects segment, and Power Distribution and
Overhead Lines, currently part of the Energy segment;
Electrification
which includes the Industrial & Construction (now called Trade & Installer) and Specialties (formerly included in
Industrial & NWC) business units, currently belonging to the Energy segment;
Digital Solutions
the current Telecom segment, which includes the following business units: Fiber and Optical Cables,
Connectivity, Multimedia & Inside Plant cables (MMS).
The new reorganization will allow the company to better respond to market demands, in light of the development in
demand described in the chapter “Favorable market development: 4 macro-trends”.
As far as the current financial year is concerned, the Group’s activities are divided into three business divisions, as follows.
Energy
Division specializing in products and services for power distribution and special cables for applications in a wide variety
of industries, as well as medium- and low-voltage cables and accessories for the construction and infrastructure
sectors:
• Energy & Infrastructure, which includes the Trade & Installers business, with a focus on the industrial and
infrastructure segments (cables for power distribution to residential, commercial and industrial facilities and for
infrastructure such as airports, ports, railway stations and data centers), and Power Distribution (medium-voltage
cable systems for overhead and underground installations, and the related accessories and network components,
for connecting industrial and/or residential buildings to the primary distribution network)
• Special Cables for the Industrial & Network Components segments that includes a broad range of cables for
different industries – from renewables to marine, automotive to aerospace, flat lift cables to network monitoring
solutions – with a high level of specificity, including turnkey and maintenance services.

Telecom
Prysmian is the world’s largest supplier of state-of-the-art cables and accessories for voice, video and data transmission,
and offers a full range of fiber optic, optical and copper cables and connectivity systems:
• Telecom solutions: fiber optic and copper telecom cabling solutions and the related connectivity accessories. In
both cables and connectivity, the Group is focusing on designing products that provide higher density in smaller
diameters, are easy to use and optimize fiber management.
• MMS Multimedia Specials: fiber optic and copper solutions for fixed or mobile multimedia communication, such
as audio-visual content transmission, or indoor connectivity – increasingly important for the development of smart
buildings and the Internet of Things.
• Fiber optic: Prysmian produces single-mode and multimode optical and special fibers, using an innovative
proprietary technique that places the Group at the forefront of today’s technology.
Projects
From underground cable systems supporting the energy transition and powering wind farms, to undersea systems
installed by the Group’s cable-laying vessels, Prysmian works on supply-only and turnkey projects for some of the
world’s largest operators. The Group uses specific technologies for undersea power transmission and distribution and
is able to offer sophisticated solutions that satisfy the strictest international standards.
It specializes in the manufacture and installation of data transmission cables. The Offshore Specialties business
includes a wide range of products for the oil industry.
Prysmian has built a unique set of assets to meet market needs: with the ability to deploy connections more than
200 km long, an installation depth of up to 3,000 meters, proven expertise, a turnkey offering combining technology,
installation, monitoring, maintenance and repair, and innovative and environmentally sustainable materials, Prysmian
is the partner of choice for major global operators.
A world class cable-laying fleet
Today, Prysmian can count on a fleet of five state-of-the-art deep-water cable-laying vessels – among them the
flagship Leonardo da Vinci, the world’s most advanced cable-laying vessel, for shallow water and areas periodically
washed by the tidal excursion – as well as the broadest range of inland equipment. Prysmian has also announced the
purchase for the 2024-2027 period of two additional cable-laying vessels to further bolster its fleet.
LEONARDO DA VINCI GIULIO VERNE CABLE ENTERPRISE
ULISSE BARBAROSSA
4. Prysmian: Sustain, to lead
Prysmian’s approach to sustainability: a model based on

four pillars
Prysmian’s sustainability strategy is based on four pillars, each of which contributes to the creation of value for the benefit
of the Group and all of its stakeholders, and allows long-term sustainability, including financial, to be implemented:
Governance
Environment Social
Innovation
The centrality of sustainability in Prysmian’s strategy is also evident from the definition of a specific
type of governance, which is responsible for overseeing all Group initiatives in a structured and rig-
Governance
orous manner and ensuring their alignment with ESG targets.
Prysmian is committed to reducing the negative impact on the environment during its manufactur-
ing and installation activities and acts directly on the design and configuration of its products and
Environment solutions, helping to facilitate decarbonization along its value chain. Prysmian holds a leadership
role in its supply chain by promoting virtuous practices with all its partners.
Innovation is an indispensable element in achieving the sustainability goals of Prysmian, which has
always invested in research and development to offer low-impact, high-efficiency products. The
Innovation
commitment to innovative solutions continues; sustainability is one of the key drivers of Prysmian’s
research and development strategy, reflected in the new “design for sustainability” concept.
Prysmian places people at the centre of its activities. This commitment is reflected both in employee
Social
initiatives (e.g., promoting work-life balance, diversity, inclusion, training) and in supporting the social
communities in which the company operates.

Prysmian’s commitment to sustainable development
and the achievement of the UN SDGs
In 2021, Prysmian joined the United Nations Global Compact, a global network of more than 17,000 companies from
160 countries inaugurated in 1999 with the goal of building a sustainable global economy.
The Global Compact requires participating businesses and organizations, each in their own sphere of influence, to
agree, support and apply a set of fundamental principles covering human rights, working standards, environmental
protection and anti-corruption.
In reporting on its commitment in this area, Prysmian refers to the 17 Sustainable Development Goals (SDGs) defined
by the UN in its 2030 Agenda. The SDGs and their targets identify global priorities and define an integrated plan of
action for people, the planet, prosperity and peace.
To strengthen its commitment to sustainability, Prysmian adopted a Sustainability Policy, available on the company
website at the link https://www.prysmian.com/en/sustainability/strong-commitment, that defines the company’s
commitment and priorities, governance, strategy and vision linked to Sustainability.
Prysmian contributes to the achievement of the SDGs through some specific activities consistent with its business,
relating to the material topics identified every year during the materiality analysis.
Sustainable innovation of products, applications and processes

Develop innovative products and solutions that support continuous improvement of the sustainability
of telecommunication and energy infrastructures.

Boost the production and sale of high quality, reliable and “green” products and services.

Facilitate access to clean energy, via continuous investment in research for the development
of advanced solutions for the production and transportation of energy from renewable sources.
Implement decarbonisation on the path to Net-Zero and digitalisation

Pursue the efficient and sustainable use of energy and natural resources by reducing consumption
and greenhouse gas emissions, while minimising the generation of waste and promoting the recycling
and reuse of materials.
Biodiversity and impact on nature

Carry out activities in a manner respectful of natural habitats, performing advanced feasibility analyses
of new plants, monitoring protected areas in the territories where the Group is present and,
when required, contributing to their protection.
Impact on communities
Enable the universal dissemination of energy and telecommunications via reliable,
accessible infrastructure that makes entire communities more sustainable.
Impact on communities
Promote the socio-economic development of the communities in which the Group operates,
via the adoption of an appropriate Corporate Citizenship and Philanthropy policy.
Greater diversity, inclusion and respect for human rights

Promote inclusive ethical conduct that respects the diversity of each person, protect the rights of workers,
develop a healthy workplace environment, encourage the training and professional growth of all personnel.
Governance, ethics and integrity

Promote sustainable business practices between our suppliers and business partners.

Develop effective, transparent and responsible communications with Stakeholders.

5. Prysmian’s two ambitions:
Climate Change and Social Ambition
The transition from fossil fuels to renewables is one of the biggest and most urgent challenges facing humanity, and
one in which Prysmian can play an active role: indeed, access to cleaner and greener energy is enabled by more
extensive and smarter networks and infrastructure. That is why sustainability is in the DNA of Prysmian, which strives
every day to make it a reality through the solutions it offers, the processes to achieve them and the people involved in
each local context.
During 2021, Prysmian formalized two strategic ambitions that will guide its actions over the medium-long term: the
Climate Change Ambition and the Social Ambition.
Climate Change Ambition

Prysmian’s climate strategy adopts science-based targets aligned with the Paris Agreement climate objectives. In
particular, the Science Based Targets initiative defines the requirements for an effective Net-Zero strategy:
• reduction of Scope 1, 2 and 3 emissions to zero, or at least to a residual level consistent with achieving the global or
sector targets set in line with the Paris Agreement
• neutralization of any residual and greenhouse gas (GHG) emissions released into the atmosphere.
Within this initiative, Prysmian has taken the following actions:
1. definition of an overall Net-Zero target;

2. definition of a short-term emissions-reduction target;
3. definition of a long-term emissions-reduction target.
In 2023 Prysmian obtained official validation by the Science-Based Targets initiative (SBTi) of its targets, thus
defined as follows:
A. Overall Net-Zero Target - Prysmian is committed to achieving net zero GHG emissions throughout its value chain
by 2050.
B. Short-term targets
Prysmian is committed to reducing its Scope 1 and 2 GHG emissions – in absolute terms – by 47% by 2030, compa-
red to the emissions recorded in the year 2019; Prysmian is also committed to reducing its Scope 3 emissions – in
absolute terms – by 28% over the same time horizon.
C. Long-term targets (net zero):

Prysmian is committed to reducing its Scope 1 and 2 GHG emissions – in absolute terms – by 90% by 2035, compa-
red to the emissions recorded in the year 2019; Prysmian is also committed to reducing its Scope 3 emissions – in
absolute terms – by 90% by 2050. In addition, during the long-term targets approval process, Prysmian – at SBTi’s
request – recalculated some Scope 3 categories using updated emission factors. Therefore, the Scope 3 value for
2022 has been revised from what was published in the 2022 Report, as will be explained later in the chapter “Envi-
ronmental responsibility”.
The efforts made by the company to reduce its emissions are already showing promising results. In 2023, Prysmian
announced that it was ahead of its decarbonization targets, anticipating – on Capital Markets Day – as early as 2027 a
-45% reduction in Scope 1 and 2 emissions, and a -23% reduction in Scope 3 emissions.
Based on this commitment and in line with the SBTi-approved net-zero trajectory, Prysmian decided in January
2024 to set a goal of achieving a percentage reduction in Scope 1 and 2 emissions of between -55% and -60%
in 2030, as compared to -47% approved by SBTi. This target represents the Group’s further commitment to the
process of decarbonizing its operations by implementing internal solutions and processes that further limit
its impact on the environment.
Climate Change Ambition
-10% We
ll b
e
pat low 2
hw °
ay C
-28%
-33%
Carbon emissions reduction (%)
Sc
op
e
3
from -47%
approved
-55/ by SBTi
-60%
Sc
op
e
1&
2
2019 2023 2030 2035 2050

Baseline 90% Scope 1&2 Net Zero
year
CO2 reduction
Social Ambition
Prysmian’s aspiration is to build a more equal, inclusive and innovative world, starting with, but not limited to, its
employees. To be able to do this, the Group formalized its Social Ambition, which mainly concentrates on the
commitment to improve Diversity, Equality and Inclusion (DE&I), digital inclusion, the empowerment of communities,
employee engagement and upskilling. These commitments have been translated into specific Group targets to
be achieved by 2030, aligned with the UN Sustainable Development Goals made explicit earlier. The results of the
initiatives carried out by Prysmian in recent years, and the investments planned in the coming years to achieve the
Social Ambition goals, have enabled Prysmian to accelerate the achievement of several targets set for 2030, bringing
forward to 2027 the goal of gender equality in the hiring of desk workers, and 25% in senior leadership roles.
2030 Social Ambition targets
Health Gender Race/ethnicity Empower Local Digital Upskilling

& Safety Equality Inclusion Communities Inclusion & Engagement
Injuries Index 50/50 in Recruiting More than 30% At least a project Connecting 100% 40 yearly hours
towards 0 of Desk Workers of Executives from per year, with focus (over 30,000) per capita of
(employees under-represented on developing of our employees experienced learning
& contractors) nationalities/ countries and through global for all employees
30% of Women ethnicities/origins vulnerable platforms,
in Senior communities achieving a
Leadership roles proper level of 25% or employees
Local mentoring adoption involved in mobility/
programs for Local projects with growth experience
25% of Women 500 students coming donation of optic every year
the Total from and electric cables
Workforce minorities-poverty
50% of employees
as stable shareholders
+ 500 women through share
in a fully ownership plans (YES)
dedicated STEM
program
Higher than 80%
response rate to
Zero Pay Gap Engagement Surve
Desk Workers Leadership Impact
Index improved
to 70-80%

6. The sustainability scorecard
In order to set a credible path to sustainability and give further substance to the long-term commitments of the Group,
Prysmian has equipped itself with specific short-term objectives whose progress it monitors year after year.
Starting from the end of 2022, Prysmian defined a new three-year scorecard (2023-2025, with baseline 2022) containing
12 impact KPIs, with the aim of improving the effectiveness of the processes of measuring, monitoring and reporting on
results. These were defined after an analysis of:
• Long-term ambitions of the Group (Social Ambition and Climate Change Ambition);
• UN Sustainable Development Goals (SDGs);
• Group Materiality Analysis (focusing on the external impacts generated by the business).
To mark Capital Markets Day, Prysmian defined and published targets to 2027 for some specific scorecard KPIs, in
line with the Group’s five-year strategic plan, and with some financial targets announced during the event for the
same time period. The goals to 2027 shown, which are outlined in the Scorecard below, also include the desire to
quantify the group’s commitment to fostering talent in disadvantaged communities. Between 2023 and 2027, more
than 1,400 children and 400 women and girls will be supported by social programs, including: Oman, 100 women and
800 children through the “SHE STEM” program and STEM programs; the Netherlands, 625 children involved in STEM
programs and workshops; and Latin America, 315 women and girls involved in social programs.
The Impact Scorecard is shaped on the four pillars of sustainability of the company – Environment, People-Community,
Governance and Innovation. Scorecard targets are regularly monitored by the Sustainability Steering Committee,
chaired by the Chief Sustainability Officer and shared with the Sustainability Committee.
Thus, 2023 represented the first year of implementation of the new scorecard.
Prysmian impact Scorecard 2023-2025
Related material Baseline Results Target

SDGs Category Kpi
Impact & topic 2022 2023 2025
Enable access
to green electricity Enabling the decarbonization 21 m 56 m 110 m
to households(1) to Net-Zero and digitalization
Impacts Facilitating the energy transition
on Society and decarbonization process
Enable fast of the economy
digital access and digitalization of the network 3m 9m 15 m
to households(2)
Enabling the decarbonization

Percentage reduction
to Net-Zero and digitalization
of GHG emissions
Contribution to GHG emissions of Scope -28% -33% -38%/-40%
(Scope 1&2 Market Based)
1 and 2 as a result of direct business
vs 2019 baseline(3)
activities
Climate
Enabling the decarbonization
Percentage reduction
to Net-Zero and digitalization
of Scope 3 GHG emissions -7.5% -10% -11.5%/-15%
Contribution to GHG emissions of Scope
vs 2019 baseline(4)
3 as a result of indirect business activities
Share of revenues linked Sustainable innovation and circularity 30% 37% 40%
to Sustainable Products(5) Reduction of emissions related to new
Green products - through the development
& Circular of low-emissions products
Economy (higher recycled content / recyclable
Share of recycled products) and virtuous practices
content on such as Design for Sustainability 10% 12.7% 15%/16%
PE jackets and copper(6)
Equity, Diversity, Inclusion & respect

for human rights
Percentage of desk
Promotion of specific programs 44.9% 46% 47%/49%
workers women hired(7)
towards a more inclusive
and diverse work environment
Diversity
& Inclusion
Equity, Diversity, Inclusion & respect
for human rights
Percentage
Promotion of practices 15.7% 18.8% 21%/24%
of Executive women(8)
to promote gender balance
in Prysmian management and BoD
Human capital’s well-being,

engagement & upskilling
Potential accidents, mental and physical
Safety Assessment Plan(9) illness due to a failure to disseminate - 3.4 2.75/5
a health and safety culture in the
community in which the Company
People
operates
Wellbeing
engagement & upskilling
Leadership Impact
Engagement: Adoption 55% 57% 57%/61%
Index(10)
of people oriented policies
to safeguard people’s need

Percentage engagement & upskilling
of shareholders Engagement: Adoption 37% 46% 44%/45%
employees(11) of people oriented policies
Solid to safeguard people’s need
Governance
& Owneship Completion rate Human capital’s well-being,
for compliance engagement & upskilling
e-trainings Upskilling: Strengthening and upskilling 75% 89.3% 90%
promoting the competences of the personnel
anticorruption(12) and develop talen

The results achieved in 2023 in relation to the “Percentage of revenues from solutions with better sustainability
performance out of the Group’s total revenues” KPI testify how central sustainability is to the innovation activities of
Prysmian’s product and service portfolio.
In 2023, this KPI reached a value of 37%, up by 7 percentage points from the previous year.
Prysmian’s role as an enabler of energy transition and digitalization processes is, moreover, confirmed by the
performance of KPIs related to quantifying the positive impacts of the Group’s activities on communities, which more
than doubled the 2022 baseline.
((1) Estimated households connected to green energy through Prysmian products. It includes installed capacity through photovoltaic panels, onshore and offshore wind
turbines, and interconnections intended for renewable energy generation.
(2) Estimated connected households with fast digital access (defined as FTTH, FTTB, DOCSIS 3.0) thanks to Prysmian products.
(3) Reduction in CO2 emissions (Scope 1 and 2) compared to the year 2019, according to SBTi methodology. Scope 2 is calculated using the Market-based method.
(4) Reduction in CO2 emissions from the entire value chain (Scope 3) compared to the year 2019, according to the SBTi methodology. In 2023, during the long-term target
approval process, Prysmian – at SBTi’s request – also recalculated some Scope 3 categories using updated emission factors. Therefore, the value of Scope 3 for 2022 has been
revised from what was published in 2022 Report.
(5) Portion of revenues from sustainable products. With the aim of making the Group’s approach more organic and due to the progress made in developing sustainable
products and solutions in all Regions, the company has decided to eliminate the division between Europe and the rest of the world in the calculation of this KPI, as already
shown during the Capital Markets Day held in October 2023.
(6) Percentage by weight of recycled content of certain purchased materials. The scope of the indicator includes 1) copper purchased at Group level, excluding occasional
suppliers and semi-finished products; 2) polyethylene used for sheathing, excluding those applications for which customers do not allow the use of secondary materials.
(7) Share of women desk workers hired with permanent contract compared to the total employees hired with permanent contract. The index includes all desk workers hired
abroad (including global recruiting programs and projects) and all change of contracts from agency/temporary to permanent.
(8) Share of women in executive positions (job grade 20 and above) as a percentage of total executive employees. The number of employees is the headcount as at 31
December 2023, including all permanent contract and temporary ones. The KPI shows the ability of the Group to develop internal figures to take on leadership roles, its
capability to hire them from the market and its ability to retain those talents.
(9) Index relating to the level of maturity in the safety management of the Group’s various plants, calculated following an Audit conducted by a specialized third-party
company. The index consists of four different categories (governance, employee engagement, risk assessment and injury frequency rate). At the end of the assessment, an
overall score is given on a scale of 1 (lowest) to 5 (highest).
(10) Index calculated as the percentage of employees who declared a level of engagement with the company of at least five out of seven points in the Speak Up survey
conducted by the company. The indices and the survey were developed in collaboration with POLIMI University in order to ensure their quality and anonymity.
(11) Number of employees with Prysmian shares deposited in company administrative accounts through GROW, YES and BE IN plans as at 31 December, divided by the total
number of employees eligible to participate in at least one of the plans.
(12) It includes e-learning conducted through the Group’s business management system and is for all desk workers (excluding business partners, consultants, contractors,
employees on leave of 30 days or more and temporary trainees). It is subject to annual approval of the compliance plan by the Board of Directors; topics may include one or
more of the following: code of ethics, anti-corruption, gifts, conflicts of interest, Helpline or business policy.
7. An international network
As a market leader, Prysmian is present in all major ESG indices globally, and plays a leading role in several trade
associations and distinguished organizations.
Prysmian in ESG indices

Indices play a central role in assessing the ESG performance of companies. In fact, they make it possible to objectively
and comparably measure a company’s commitment to sustainability, in addition to providing a clear picture of its
standing against international standards and benchmarks.
Moreover, sustainability indices are key metrics for assessing the social, environmental and economic impact of a
company’s activities. Integrating these indicators allows Prysmian to make informed decisions, promote corporate
responsibility and contribute to a sustainable future by meeting current needs without compromising those of future
generations.
Index Description 2021 2022 2023
The DJSI is based on an analysis of business

Rank 79/100
performance using 24 criteria divided into three Rank: 87/100 Rank: 87/100
(EQL World)
main categories: environment, social and corporate (ELQ World) (ELQ World)
included and
governance. included and included and
ranked 3rd in the
These categories are further divided into more ranked as 1st ranked as 3rd
World score
specific sub-categories. Ratings range from 0 to 100.
The MSCI ESG Ratings seek to measure the

resilience of a cTompany to long-term and
financially significant ESG risks. The ESG ratings Score: AA Score: AA Score: A
range from leader (AAA, AA), average (A, BBB, BB) to
laggard (B, CCC).
EcoVadis is a platform that allows companies to

monitor the sustainability performance of suppliers
through an assessment. The overall score (0-100)
reflects the quality of the company’s sustainability
management system at the time of the assessment. Score: 73/100 Score: 74/100 Score: 76/100
Criteria for the 2023 scorecards: (Platinum) (Gold) (Gold)
- Platinum: overall score between 78 and 100;
- Gold: overall score between 70 and 77;
- Silver: overall score between 59 and 69;
- Bronze: overall score between 50 and 58.
CDP is the most well-known NGO in the world

when it comes to assessing the transparency of
climate-change disclosures, with the assignment Score Climate Score Climate Score Climate
to firms of scores from D to A. The scoring Change: B Change: A- Change: A -
methodology is aligned with the Task force for (World) (World) (World)
Climate-related Financial Disclosures (TCFD) Score Water Score Water Score Water
and the main environmental standards, thus Security: B Security: B Security: B
providing the entire market with a set of
comparative data.

Index Description 2021 2022 2023
The ESG Risk Rating provides an overall score for

the firm based on an assessment of how much it is Risk: 22.8 Risk: 21.4 Rating: 16.5
exposed to ESG risks and how they are managed. (Medium) (Medium) (Low Risk)
The scale ranges from 0 (low risk) to 40 (high risk).
The FTSE4Good Index Series are equity indices

launched in 2001 by the FTSE Group to measure
the performance of companies that demonstrate
solid Environmental, Social and Governance (ESG) Score: 3.8/5 Score: 3.8/5 Score: 3.9/5
practices. Companies must have an overall ESG
rating of at least 3.3/5 for inclusion
in the FTSE4Good indices.
Bloomberg collects Environmental, Social

and Governance data from corporate public
communications. Bloomberg ESG Disclosure Scores
Score: 55/100 Score: 63/100 Score: 65/100
evaluates companies on the basis of their disclosure
of ESG data, in consideration of the relevant
industries. The rating scale ranges from 0 to 100.
Included Included Included

The Stoxx ESG Indices are a new group of indices.
(STOXX Italy (STOXX Italy (STOXX Italy
Their ratings are based on specific environmental,
45 ESG-X and 45 ESG-X and 45 ESG-X and
social and governance performance indicators in
STOXX Europe STOXX Europe STOXX Europe
addition to overall sustainability performance.
600 ESG-X) 600 ESG-X) 600 ESG-X)
Launched by Euronext, the MIB® ESG index is

the first ESG index dedicated to Italian blue chips.
It combines the measurement of economic
performance with ESG assessments in line with
the principles of the UN Global Compact2. The
composition of the index is based on the analysis of
Included Included Included
ESG criteria by Vigeo Eiris (V.E.), part of Moody’s ESG
Solutions, which assesses the ESG performance
of issuers. The methodology behind the index uses
ESG criteria to rank the 40 best from the 60 most
liquid Italian companies, excluding those involved in
activities not compatible with ESG investments.
Moody’s ESG solutions seek to understand

better the ESG performance of the organisation,
assess its exposure to climate and environmental
risks, strengthen its action plans in the area of
sustainability and communicate with the main
stakeholders. The index assesses sustainability Rank: 51/100 Rank: 57/100 Rank: 58/100
performance using 25 criteria, subdivided into
6 different areas: environment, human resources,
human rights, community involvement, ethical
conduct and governance. The rating scale ranges
from 0 to 100.
Proactive role in trade associations and organizations
Prysmian’s leadership in its industry is also testified by the Group’s membership of the most important trade
associations globally. A strategic network to share best practices and remain up-to-date on regulatory and product
news, with the opportunity to express policy opinions.
Institutional Relations, including corporate lobbying, and participation in trade associations contribute to the creation
of corporate value through a complex, stable system of external relations that are inspired by criteria of:
Legitimacy
Compliance with the law, applicable regulations, the Code of Ethics and company policies
Fairness
Respect for the prerogatives, responsibilities and decision-making autonomy of the parties involved, avoiding
the exercise of undue influence in the pursuit of corporate interests
Transparency
Carrying out lobbying activities in legal conditions.
In addition, specific general principles must be observed when engaging in these relations:
• In the process of interacting with Institutional Representatives, the company must employ transparent, lawful
and autonomous accreditation channels. It must adopt forms of communication that allow the interlocutor to
easily and immediately identify both the business organization and the interest it represents.
• The corporate interest involved in an ongoing decision-making process must be made explicit through the
submission of proposals, suggestions, studies, research and analysis. These tools must be suitable for highlighting
the relevance of the corporate interest and the impacts of the decision.
• Information used during dialogue with the institutional representative should be transferred only after verifying
that it is fully comprehensive and reliable. This verification is performed by the departments/functions involved
in each initiative.
Some of the main issues subject to the Group’s lobbying activities in 2023 were:
• European Green Deal (with a focus on sustainable fibers)
• Broadband Cost Reduction Directive
• Recovery and Resilience Facility (RRF)
Also in 2023, consistent with what is defined in its Code of Ethics, Prysmian made no contributions in any form to
political parties or politicians. Below are the main trade associations Prysmian is a member of, which are active in
combatting climate change, supporting energy transition and digitalization processes and promoting sustainable
practices in favor of local communities.
Regarding environmental issues, with a specific focus on climate change, the Group is a member of the following
associations:
• Wind Europe
Over 450 members, counting manufacturers, suppliers and academics, have joined forces to promote wind energy
throughout the world via research and outreach, seminars and policy guidance.
• Global Alliance for Sustainable Energy
In 2022, Prysmian joined the “Global Alliance for Sustainable Energy”, an independent global alliance to promote
and integrate sustainability and social responsibility in the renewable energy sector. The alliance, which is open to
all interested stakeholders, aims to ensure that the renewables sector is fully sustainable and respects human rights
throughout the entire value chain.
• Wash Pledge
By signing the Wash Pledge, Prysmian commits to ensuring access to safe drinking water, sanitation and hygiene
in the workplace at an appropriate level for all employees across all of its premises. The company is also committed
to taking WASH actions throughout its value chain, including both suppliers and the communities surrounding the
workplaces in which it operates.

In the energy area, the Group is a member of:
• Europacable
Europacable represents the world’s largest cable manufacturers, as well as highly specialized small- and medium-
sized companies, at European institutions, monitoring policy and regulatory debates. Prysmian participates actively in
various working parties, and even plays a leadership role in those with a specific focus on sustainability.
• Friends of Sustainable Grids (FOSG)
A non-profit association promoting a pan-European renewable, efficient and large-scale electricity grid that provides
secure and affordable energy. The association mainly focuses on such topics as efficient governance, a harmonized
regulatory approach and energy education.
In the digital area, Prysmian participates in:
• Fibre to the Home (FTTH) Council

Founded in 2004, this group with 150 members seeks to accelerate the deployment of fiber optic connectivity. Its vision is
of a sustainable future made possible by economic growth generated by new services using high-speed FTTH technology.
• European Telecommunications Network Operators’ Association
ETNO has been the voice of European telecommunications network operators since 1992. Its 38 members and
observers innovate and invest in the continent’s digital backbone. ETNO’s mission is to develop a positive policy and
regulatory environment that enables the deployment of state-of-the-art telecommunications networks and the
provision of advanced digital services for European citizens and businesses.
In the area of corporate social responsibility and sustainability, Prysmian is a member of:
• UN Global Compact
Prysmian is a participant of the Global Compact, whose principles and spirit are reflected in the Group’s culture, values
and practices. Consistent with the Global Compact’s principles, Prysmian adopts policies and tools that safeguard the
environment and human and workers’ rights while supporting local communities and the most vulnerable.
• Responsible Mica Initiative
In 2021, Prysmian joined – as the first company in the cable industry – the Responsible Mica Initiative (RMI), a non-profit
organization committed to eliminating child labor and poor working conditions in the mica supply chain. Participation
in the Responsible Mica Initiative is consistent with the social ambition objectives of Prysmian and the Group’s
commitment to improving the lives of people, communities and territories in which it operates.
• Valore D
Italy’s first business association promoting gender balance and an inclusive culture for the growth of companies and
the country.
In addition, Prysmian participates in association activity and supports institutional communication through the
identification of its representatives at the various working groups activated by associations with regulators. In
particular, in Italy, the Group is present in Confindustria (the main organization representing manufacturing and service
companies in Italy), ANIE (the association of Electrotechnical and Electronic Companies, brings together strategic
players that make cutting-edge technologies available for the Building, Energy, Industries and Infrastructure markets)
and Assonime (the association for Italian listed companies, which researches and addresses problems affecting the
interests and development of the Italian economy).
In order to ensure that all stakeholders are aware of important aspects of the corporate lobbying process and activities,
Prysmian publishes information in its financial statements (detailed table below) and on the corporate website
(https://www.prysmian.com/en/sustainability/association-memberships ) on the main initiatives concluded or in
place with institutional stakeholders and the general Group interests pursued through the activities carried out.
In 2023, these contributions amounted to around 4.4 millions of Euro.
Type of activity (in thousand of Euro) 2023
Lobbying, interest representation or similar activities 1,223
Trade associations or tax-exempt groups (e.g., think tanks) 1,621
Other types of activities 1,576
Total contributions and other expenses 4,420
8. Corporate governance
Directors and auditors

Board of Directors(4)
Chairman Claudio De Conto(*)(2)

Chief Executive Officer Valerio Battista
Directors Francesco Gori(**)(1)
Maria Letizia Mariani(**)(3)
Jaska Marianne de Bakker(**)(1)
Massimo Battaini
Tarak Mehta(**)(1)
Pier Francesco Facchini
Ines Kolmsee(**)(3)
Annalisa Stupenengo(**)(2)
Paolo Amato(**)(2)
Mimi Kung(**)(3)
Board of Statutory Auditors(5)
Chairman Stefano Sarubbi
Laura Gualtieri
Standing Statutory Auditors
Roberto Capone
Stefano Rossetti
Alternative Statutory Auditors
Vieri Chimenti
Independent Auditors(6) EY S.p.A.

(*) Independent Director as per Italian Legislative Decree 58/1998.
(**) Independent Director as per Italian Legislative Decree 58/1998 and Italy’s Corporate Governance Code for Listed Companies (January 2020 edition) approved by the
Italian Corporate Governance Committee, comprising business associations (ABI, ANIA, Assonime, Confindustria), Borsa Italiana S.p.A. (the Italian Stock Exchange) and
Assogestioni (Italian investment managers association).
(1) Members of the Control and Risks Committee.
(2) Members of the Remuneration and Nominations Committee.
(3) Members of the Sustainability Committee.
(4) Appointed by the Shareholders’ Meeting on 28 April 2021.
(5) Appointed by the Shareholders’ Meeting on 5 June 2019.
(6) Appointed by the Shareholders’ Meeting on 16 April 2015.
Governance and corporate structure

Effective and efficient, in order to create long-term sustainable value and produce a virtuous circle with business
integrity at its core.
Prysmian knows the importance of a good system of corporate governance in achieving strategic objectives and
creating long-term sustainable value, by assuring governance that is effective in complying with the legal and
regulatory framework, efficient in terms of cost-effectiveness, and fair towards all the Group’s stakeholders.
Accordingly, Prysmian keeps its corporate governance system constantly aligned with latest recommendations and
regulations, adhering to national and international best practices. In addition, the Group has adopted principles,
rules and procedures that govern and guide the conduct of activities by all its organisational and operating units, as
well as ensuring that all business transactions are carried out in an effective and transparent manner. Once again,
during 2023 Prysmian continued to comply with Italy’s Corporate Governance for listed companies, approved by the
Corporate Governance Committee.
Further information about:

• compliance with the principles and recommendations of the Corporate Governance Code and the reasons for any
non-compliance with one or more requirements;
• any corporate governance practices actually applied by the Company that go beyond the related legal or regulatory
obligations;
please refer to the “Report on Corporate Governance and Ownership Structure”, approved by the Board of Directors
and available in the Company/Governance section of the corporate website2.
2 https://www.prysmian.com/en/company/governance

Structure of Corporate Governance
The model of governance and control adopted by Prysmian is the traditional one, involving the presence of a
Shareholders’ Meeting, a Board of Directors and a Board of Statutory Auditors. Prysmian’s structure of corporate
governance is based on the central importance of the Board of Directors (as the most senior body responsible for
managing the Company in the interests of shareholders) in providing strategic guidance, in ensuring the transparency
of the decision-making process and in establishing an effective system of internal control and risk management,
including decision-making processes for both internal and external matters. Completing the Prysmian corporate
governance structure is a Control and Risks Committee, a Remuneration and Nominations Committee, a Sustainability
Committee and a Monitoring Board instituted under Legislative Decree 231/2001.
Further information regarding (i) the corporate governance system of Prysmian S.p.A. and (ii) its ownership structure,
as required by art.123-bis of Italy’s Consolidated Law on Finance, can be found in the “Report on Corporate Governance
and Ownership Structure”, prepared in accordance with art. 123-bis of the Consolidated Law on Finance and available
in the Company/Governance1 section of the corporate website. An overview of the Company’s corporate governance
structure as at 31 December 2023 now follows.
SHAREHOLDERS’
MEETING
STATUTORY BOARD OF STATUTORY

AUDITING COMPANY AUDITORS
EY S.p.A. Stefano Sarubbi (Chairman)

Laura Gualtieri
BOARD Roberto Capone
OF DIRECTORS
Claudio De Conto BOARD

Chairman - Director SECRETARY
Valerio Battista Giovanni Villa

CEO
Paolo Amato
Independent
Massimo Battaini
COO
Jaska de Bakker
MONITORING BOARD Independent MANAGERS RESPONSIBLE FOR
(Italian Legislative PREPARING THE COMPANY’S
Pier Francesco Facchini
Decree no. 231/01) FINANCIAL REPORTS
CFO
Maria Luisa Mosconi (Chairwoman) Francesco Gori Alessandro Brunetti
Silvano Corbella Independent Stefano Invernici
Alessandro Nespoli Ines Kolmsee
Independent
Mimi Kung
LEAD INDEPENDENT Independent INTERNAL AUDIT
DIRECTOR Maria Letizia Mariani OFFICER
Independent
Maria Letizia Mariani Tarak Mehta Paola Pulidori
Independent
Annalisa Stupenengo
Independent
REMUNERATIONS AND CONTROL AND RISK SUSTAINABILITY

NOMINATIONS COMMITTEE COMMITTEE COMMITTEE
Paolo Amato (Chairman) Francesco Gori (Chairman) Maria Letizia Mariani (Chairwoman)
Claudio De Conto Jaska de Bakker Ines Kolmsee
Annalisa Stupenengo Tarak Mehta Mimi Kung
Board of Directors
In compliance with the provisions of art. 14 of its By-laws, the Company is managed by a Board of Directors currently
consisting of twelve members - who will remain in office until the date of the shareholders’ meeting called to approve
the financial statements for the year ended 31 December 2023. The Board of Directors is composed of three executive
directors and nine non-executive directors. Eight of the non-executive directors are independent within the meaning of
art. 148, para. 3 of Italian Legislative Decree 58 dated 24 February 1998 (known as the Consolidated Law on Finance) and of
art. 2 recommendation no. 7 of Italy’s Corporate Governance Code, while one non-executive director is independent within
the meaning of art. 148, para. 3 of the Consolidated Law on Finance. The non-executive directors are sufficiently numerous
and have enough authority to ensure that their judgement carries significant weight in Board decision-making.
At 31 December 2023, seven of the directors are men and five are women, in compliance with rules on the gender
balance of corporate boards; in addition, seven members are in the 50-60 age bracket, while five are over 60. Two
directors were elected to the Board from the slate of candidates presented by a group of institutional investors and
management funds coordinated by Assogestioni and voted by a minority of those entitled to attend the Shareholders’
Meeting (12.3%), while the other ten directors were elected from the slate of candidates presented by the outgoing
Board of Directors and voted by the majority of those entitled to attend the Shareholders’ Meeting (85.5%).
The Board of Directors exercises the widest powers of ordinary and extraordinary administration, except for those that
by law are reserved solely for the Shareholders’ Meeting. The Board of Directors has identified a Chief Executive Officer
from among its members and granted him all the authority and powers of ordinary management of the company
necessary or useful for conducting its business. Management of the business is the responsibility of the directors, who
carry out those activities necessary to implement the corporate purpose. The Board of Directors is also responsible for
the Group’s internal control and risk management system and is therefore required to verify its adequacy and to adopt
specific guidelines for this system, with the support of the other parties involved in managing internal controls and
risks, namely the Control and Risks Committee, the Director in charge of the internal control and risk management
system, the Head of Audit, the Board of Statutory Auditors and the Managers responsible for preparing company
financial reports.
For further information on the composition, appointment and operation of the Board of Directors, please refer to the
Corporate Bodies section of the corporate website and to the “Report on Corporate Governance and Ownership Structure”3.
Member First Current Executive Other

Meetings(3)
Year of birth appointment(1) charge(2) independent offices(4)
Claudio De Conto(*) from 28/04/2021
21/07/2010 Independent(5) 10/10 3
Presidente - 1962 to 2024
Valerio Battista(*) from 28/04/2021
15/12/2005 Executive 10/10 -
Amministratore Delegato - 1957 to 2024
Paolo Amato(**) from 28/04/2021
12/04/2018 Independent 9/10 2
Amministratore - 1964 to 2024
Massimo Battaini(*) from 28/04/2021
25/02/2014 Executive 10/10 -
Amministratore e COO - 1961 to 2024
Jaska de Bakker(*) from 28/04/2021
28/04/2021 Independent 10/10 2
Pier Francesco Facchini(*) from 28/04/2021
28/02/2007 Executive 10/10 2
Amministratore e CFO - 1967 to 2024
Francesco Gori(*) from 28/04/2021
18/09/2018 Independent 9/10 1
Ines Kolmsee(*) from 28/04/2021
28/04/2021 Independent 9/10 3
Mimi Kung(**) from 28/04/2021
12/04/2018 Independent 10/10 -
Maria Letizia Mariani(*) from 28/04/2021
16/04/2015 Independent 8/10 1
Amministratore e L.I.D. - 1960 to 2024
Tarak Mehta(*) from 28/04/2021
28/04/2021 Independent 10/10 1
Annalisa Stupenengo(*) from 28/04/2021
28/04/2021 Independent 10/10 1
(*) Director elected form the slate presented by the outgoing Board which obtained the majority of the votes.
(**) Director elected form the slate presented by a group of shareholders related to asset management companies and institutional investors.
(1) Date on which the director was appointed to the Board of Directors for the first time (ever).
(2) Expiry date envisaged with the Shareholders’ Meeting that will approve the financial statements for the year ending 31/Dec/2023.
(3) Attendance at Board meetings in 2022 (no. of attendances/no. of meetings held. N/A: not in office during the period).
(4) Number of offices held in other companies listed on regulated markets, including foreign ones, in financial, banking, insurance companies,
or companies of significant size.
(5) Independent Director as for Unified Financial Act – Italian Legislative Decree no. 58/1998 (T.U.F.).
3 https://www.prysmian.com/en/company/governance/corporate-bodies
https://www.prysmian.com/en/company/governance

Following best practices in the Anglo-Saxon world, and subject to compliance with any regulations in force from time
to time, the Board of Directors has decided to adopt a Board Skills Matrix through which it identifies the skills existing
in the Board itself as well as any gaps, thus providing guidance on useful skills when drawing up slates of candidates
for appointment as directors4.
In anticipation of the renewal of the Board of Directors due in 2024, the Board of Directors has updated the Board Skills
Matrix that will be applied when selecting the next Board member candidates and, subsequently, for those who will
actually be appointed. The updated Board Skills Matrix is as follows:
• MANAGEMENT, STRATEGY, MERGERS & ACQUISITIONS

Experience in senior roles as CEO/Chairman/Senior Executive in large and complex listed companies, directing strategy,
development/transformation of a business or strategic function, preferably with specific experience in M&A and post-
merger integration.
• SIMILAR INDUSTRIAL SECTORS

Skill and experience in the sectors in which the Group operates or in related/complementary sectors in terms of
product portfolio, focusing on complex projects in the most strategic areas for the business, including Energy, Telecom
& Transmission Networks, Industrial Solutions.
• GEOGRAPHY & INTERNATIONAL EXPERIENCE

Skill and experience in the key countries where the Group operates.
• TECHNOLOGY, R&D, ENGINEERING & ICT, DIGITALISATION, CYBERSECURITY

Skill and experience in technology, R&D particularly in material sciences and smart grid development; skill and
experience in innovation, digitalisation, information & communication technology with particular reference to
cybersecurity.
• FINANCE & RISK MANAGEMENT

Experience in senior control functions (e.g. CFO, Risk Officer, Internal Audit), preferably in international industrial
companies; alternatively, at least 5 years of experience on a Control and Risks Committee or on an Audit Committee.
• GOVERNANCE
Knowledge of regulations, legislation, codes of conduct and best governance practices in listed companies; experience
preferably as Chairman of Governance or Nominations Committees.
• SUSTAINABILITY, ESG, HUMAN CAPITAL DEVELOPMENT

Skill and experience in integrating sustainability/ESG issues into the business vision and in managing human capital.
Board of Statutory Auditors

The Board of Statutory Auditors is required to monitor observance of the law and the by-laws, as well as compliance
with the principles of good business practices in running the Company, and to review the adequacy of its
organisational structure, internal control system and administrative-accounting system.
In compliance with the provisions of art. 21 of the Company’s by-laws, the Board of Statutory Auditors is composed
of three standing members, including a Chairman, and two alternate members, who will remain in office until the
date of the shareholders’ meeting called to approve the financial statements for the year ending 31 December 2024.
All members of the Board of Statutory Auditors must meet the independence requirements established by art. 148,
para. 3 of Italian Legislative Decree 58 dated 24 February 1998 (known as the Consolidated Law on Finance), and by
art. 2, recommendation no. 7 of Italy’s Corporate Governance Code.
As at 31 December 2023, two standing members and two alternate members of the Board of Statutory Auditors are
men and one standing member is a woman, in compliance with rules on the gender balance of corporate boards.
One standing auditor, appointed as Chairman, and one alternate auditor were elected to the Board of Statutory
Auditors from the slate of candidates presented by a group of institutional investors and management funds
coordinated by Assogestioni and voted by a minority of those entitled to attend the Shareholders’ Meeting (15.2%),
while the other two standing auditors and one other alternate auditor were elected from the slate of candidates
presented jointly by the shareholders Clubtre S.r.l., Albas S.r.l. and Angelini Partecipazioni Finanziarie S.r.l. and voted
by the majority of those entitled to attend the Shareholders’ Meeting (80.8%).
4 Further information about the Board Skills Matrix 2023 can be found in the “Report on Corporate Governance and Ownership Structure” available in the Governance
section of the corporate website https://www.prysmian.com/en/company/governance
For further information on the composition, appointment and operation of the Board of Statutory Auditors, please
refer to the Corporate Bodies section of the corporate website and to the “Report on Corporate Governance and
Ownership Structure5.
Member First Current Independence Other

Meetings(3)
Year of birth Appointment(1) charge(2) Code/TUF offices(4)
Stefano Sarubbi(**) from 12/04/2022

12/04/2022 yes/yes 24/24 14
Presidente - 1965 to 2025
Roberto Capone(*) from 12/04/2022

12/04/2022 yes/yes 23/24 22
Sindaco Effettivo - 1955 to 2025
Laura Gualtieri(*) from 12/04/2022

13/04/2016 yes/yes 24/24 1
Sindaco Effettivo - 1968 to 2025
Stefano Rossetti(*) from 12/04/2022

12/04/2022 yes/yes N/A 3
Sindaco Supplente - 1965 to 2025
Vieri Chimenti(**) from 12/04/2022

12/04/2022 yes/yes N/A 33
Sindaco Supplente - 1966 to 2025
(*) Member elected form the slate jointly presented by the shareholders Clubtre S.r.l., Albas S.r.l. e Angelini Partecipazioni Finanziarie S.r.l.
which obtained the majority of the votes.
(**) Member elected form the slate jointly presented by a group of shareholders related to asset management companies and institutional investors.
(1) Date on which the Auditor was appointed to the Board of Statutory Auditors for the first time (ever).
(2) Expiry date envisaged with the Shareholders’ Meeting that will approve the financial statements for the year ending 31/Dec/2024.
(3) Attendance at Board of Statutory Auditors meetings in 2022 (no. of attendances/no. of meetings held during the period of the year in which the Auditor was in
charge. N/A: not in office during the period).
(4) Number of offices held in other companies pursuant to art. 148-bis TUF and of the related provisions contained in the Consob Issuers’ Regulation.
Board committees
The Board of Directors has established three internal committees with investigative, proactive and advisory functions,
and appointed their members, including the chairman.
The composition, duties and operation of the Committees are governed by the Corporate Governance Regulation
adopted by the Board of Directors6.
The Committees are composed of three non-executive directors, the majority of whom are independent pursuant
to Italy’s Corporate Governance Code and Consolidated Law on Finance, with the exception of the Remuneration
and Nominations Committee, on which one member qualifies as independent only under the Consolidated Law on
Finance. The term in office of each member corresponds to their term in office as a director.
For further information on the composition, appointment and operation of the Board committees, please refer to the
Committees section of the corporate website and to the “Report on Corporate Governance and Ownership Structure” 7.
Governance of sustainability
With the aim of constantly improving the sustainability of its business activities and related communication to
stakeholders, in 2022 Prysmian defined a new governance model that clarifies the roles and responsibilities of all
players:
1. The Chief Sustainability Officer is responsible for:

– leading the creation of the ESG Strategy, defining targets and setting priorities by developing the Group’s
Materiality Matrix;
– supporting the Regions and Business Units in the implementation of actions and initiatives aimed at achieving
the Group’s sustainability goals;
– managing sustainability Indicators;
– guaranteeing the execution of Stakeholder Engagement activities;
– leading the internal Sustainability Committee and the Local Sustainability Ambassadors Network;
– acting as Secretary of the Board Sustainability Committee;
– supporting the Administration, Finance and Control Department in preparing the Integrated Annual Report;
– supervising definition of the contents of the Sustainability Report.
5 https://www.prysmian.com/en/company/governance/corporate-bodies
https://www.prysmian.com/en/company/governance
6 https://www.prysmian.com/sites/default/files/atoms/files/Prysmian-Corporate-Governance-Regulation-(2021-02-03)_Final.pdf
7 https://www.prysmian.com/en/company/governance/committees
https://www.prysmian.com/it/la-societa/governance

2. The Group Planning and Control and Group Administration functions, which report to the managers responsible
for preparing company financial reports, are responsible for:
– monitoring the performance of ESG KPIs;
– coordinating the collection of non-financial data;
– drawing up the Integrated Annual Report;
– verifying the accuracy and quality of data.
3. The Communication and Public Affairs Division, is responsible for:

– developing communication campaigns;
– working with the Chief Sustainability Officer on the organisation of Stakeholder Engagement events.
4. The Sustainability Committee8, set up by the Board of Directors, consists of three non-executive independent
directors. In general, the Sustainability Committee has been tasked with overseeing sustainability issues related to
the business’s operations and related interplay with all stakeholders.
5. The internal Sustainability Steering Committee headed by the Chief Sustainability Officer and composed of
representatives from the various corporate functions, is responsible for:
– developing objectives and targets and submitting them to the Group Leadership Team;
– supporting the Chief Sustainability Officer in creating the Materiality Matrix;
– proposing actions to be implemented at Region, Business Unit and function level;
– monitoring and following up sustainability-related KPIs and outcomes.
6. Regional and Business Unit Leadership Teams play a key role in the Group’s sustainability commitments.
7. The Local Sustainability Ambassadors Network set up to promote sustainability culture, local and global ESG
initiatives and actions at regional level.
Digital governance of ESG factors

The activities of controlling and certifying Prysmian’s Non-Financial Statement for 2023 have been conducted using
the Group’s unified digital data management platform. This platform is audited and certified according to the main
relevant standards.
The process of digitising sustainability KPIs, initiated by Prysmian in 2020, allows the Group to centralise reporting
and link these variables to financial ones in a truly integrated vision. The tool used has functions that allow reporting
to be managed in a collaborative, structured manner with the aid of a workflow process whose steps include editing,
uploading, validation and approval, thus guaranteeing accurate and traceable data.
The digital governance of ESG factors will be progressively extended to other indicators as well, in order to allow the
Group to build, over time, an increasingly broad database that shows ESG impacts by activities, geographical areas,
projects, organisational units and management lines.
The virtuous path of analysing and actively managing these variables adopted by Prysmian combines their digital
governance with a robust structure of calculation and data collection processes, through procedures that clearly
and unambiguously define roles, metrics, processes and responsibilities. In order to manage the complexity of data
collection at a global level, intermediate local and regional controls are in place, with a system for approving KPIs prior
to their consolidation at group level.
8 https://www.prysmian.com/en/company/governance/committees
https://www.prysmian.com/it/la-societa/governance
Organization chart
Organization: 31/12/2023
BOARD INTERNAL
OF DIRECTORS AUDIT
Pulidori
CEO
Battista
STRATEGIC COMMUNICATION
ADVISORY & PUBLIC AFFAIRS
Tardif Caruso
Governance
FINANCE CORPORATE
HR & CORPORATE RISK & SUSTAINABI-
ADMIN & STRATEGY INNOVATION
ORANIZATION AFFAIRS COMPLIANCE(1) LITY(2)
CONTROL & IT & DEV.
Facchini Rutschmann Zirulia Longhi Siripurapu Nespoli Bifulco
Divisions
PROJECTS ENERGY TELECOM

DIVISION DIVISION DIVISION
Ozmen Mogollon Vanhille
CHIEF
OPERATING
OFFICER
Battaini
BUSINESS Business operations

R&D
OPERATIONS
Sofia Siripurapu
Geographies
CENTRAL
NORTH SOUTH NORTH
LATAM EASTERN UK MEART CHINA OSEA
AMERICA EUROPE EUROPE
EUROPE
Pirondini Quiroz Del Brenna Persson Arata Bavaresco Farisè Zou Aydogdu
(1) Also reporting to CRC for Compliance Programs Certification.

(2) Also responsible for investor relation reporting to Group CFO.

As of 1 January 2024, following the reorganization of Prysmian, the organizational structure is as follows:
New organization: 01/01/2024
BOARD INTERNAL
OF DIRECTORS AUDIT
Pulidori
CEO
Battista
STRATEGIC STRATEGIC CORPORATE RISK &

ADVISORY ADVISORY AFFAIRS COMPLIANCE(1)
Vanhille Tardif Zirulla Nespoli
CHIEF
OPERATING
OFFICER
Battaini
FINANCE ADMIN CORPORATE SUSTAINABILITY,

HR & BUSINESS INNOVATION
& CONTROL STRATEGY IR AND
ORANIZATION OPERATIONS & R&D
& IT & DEV. COMMUNICATION
Facchini Rutschmann Longhi Sofia Siripurapu Bifulco
DIGITAL
TRANSMISSION POWER GRIDS ELECTRIFICATION
SOLUTIONS
Ozmen Farisè Scelza Persson
CENTRAL
NORTH SOUTH NORTH
LATAM EASTERN UK MEART CHINA OSEA
AMERICA EUROPE EUROPE
EUROPE
Pirondini Gil Del Brenna Islamoglu Arata Bavaresco Aydogdu Zou Shroff
(1) Also reporting to CRC for Compliance Programs Certification.

• As of January 2024, the Investor Relations, Sustainability and Communication function was created and assigned to Maria Cristina Bifulco (who also maintains the role
of secretary of the Sustainability Committee).
• As of 2024, Risk management remains structurally independent of business lines (divisions) and is accountable to risk management and Compliance.
Ownership structure
Composition of the ownership structure
More than 80% of the ownership structure (82.6%) consists of institutional investors
Share ownership by type and significant shareholders
6.8% BlackRock, Inc.
4.0% T. Rowe Price Group, Inc.
3.8% Crédit Agricole S.A.
82.6% Institutional Investors 3.4% Sun Life Financial, Inc.
8.1% Retail
1.4% Treasury shares
49% 3.0% FMR LLC
ESG
3% Employees + Management Investors 2.9% UBS AG
4.9% Other(*)
2.9% The Vanguard Group, Inc.
2.6% Baillie Gifford & Co.

2.0% Norges Bank IM
Source: elaboration on Nasdaq data

* Mainly comprises shares held by non-institutional investors and by third-party holders of shares for trading purposes.
( )
One-third of institutional investors are from the United States (30%). UK (28%) and French (12%) funds have a significant
presence.
Institutional investors by geographical area
30% US
28% UK
12% Francie
7% Italy
4% Germany
15% RoE
4% RoW

Growth and values as drivers of investment
More than two-thirds (71%) of capital is held by investment funds with Value, Growth or GARP (Growth at Reasonable
Price) strategies. They anticipate the creation of value by Prysmian over the medium-long term and consider the
current share price to be undervalued given the prospects offered by the fundamentals of the Company.
Institutional investors by investment style
32% Growth
22% GARP
17% Value
16% Index
5% Hedge Fund
8% Other
The total number of ESG investors – that is, those who place environmental, social and governance issues at the center
of their investment strategies – in Prysmian’s ownership structure is 49% (data as at 31 December 2023). In terms of
type, the majority (about 80%) are core ESG investors, whose investment decisions are guided exclusively by ESG
performance factors. These investors usually have a long-term investment horizon and strive actively to maintain
constant, constructive dialogue on sustainability matters.
ESG institutional investors
51% Other Investors

49% ESG Focused
Furthermore, out of a total of 30,000 employees, one-third is company’s stable shareholders. Together with
management, these employees own more than 3% of the share capital, investing directly in the Company and
demonstrating their confidence in us.
Value creation for all Stakeholders is also represented by the summary indicator of “economic value generated and
distributed”. This indicator, based on the re-aggregation of data from the audited financial statements, measures the
overall economic wealth created by the Group.
In 2023, the economic value generated and distributed amounted to Euro 15,938 million (Euro 16,719 million in 2022).
Much of this value, a total of Euro 15,391 million (Euro 16,211 million in 2022), was redistributed in the form of:
Economic value generated
79.76% Suppliers
11.72% Payment to Staff
7.10% Lenders
1.41% Payment to the Public
Administration
0.01% Community

Shareholders’ meeting
74% of share capital participated in the last annual general meeting, with 2,708 shareholders present by proxy.
The annual general meeting of the shareholders of Prysmian S.p.A. was held on 19 April 2023 in single call to adopt
resolutions on a number of items, including: approval of the 2022 financial statements, allocation of the profit for the
year and distribution of dividends, authorisation to buy and use treasury shares, approval of the remuneration policy
report, consultation on the report on compensation paid, approval of a new incentive plan for Prysmian employees
with related authorisation to increase share capital by issuing new shares. The meeting participants, including 2,708
shareholders represented by proxy, accounted for 74% of share capital and approved every item on the agenda by a
wide majority.
The annual general meeting also approved the declaration of a dividend of Euro 0.60 per share. The dividend was paid
on 26 April 2023, involving a total pay-out of approximately Euro 158 million.
Shareholders’ meeting: represented capital
80%
Public Company (no controlling shareholders)
70%
60%
50%
40%
30%
20%
10%
0%
2008 2009 2010 2011 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Jan Apr
Capital represented in the Shareholders’ Meeting

Participation of the main shareholder in the Shareholders’ Meeting
Shareholders’ meeting: number of participants present or represented
3000
Public Company (no controlling shareholders)
2500
2000
1500
1000
500
0
2008 2009 2010 2011 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Jen Apr
Number of shareholders attending the meeting
Financial Time-Table
Board Of Directors Meeting 28 February 2024

2023 Integrated Annual Report
(consolidated and draft financial
statements)
Press release and conference call 29 February 2024
Shareholders’ meeting to approve

the Annual Financial Statements at 31 - 18 April 2024
December 2023
Board Of Directors Meeting 8 May 2024
First Quarter 2024 Results
Press release and conference call 9 May 2024
Board Of Directors Meeting 31 July 2024
Half-year financial report at 30 June 2024
Press release and conference call 1 August 2024
Board Of Directors Meeting 30 October 2024
Third Quarter 2024 Results
Press release and conference call 31 October 2024

9. Business environment and financial markets
Macroeconomic environment
The global macroeconomic environment gradually improved over the course of 2023, mainly thanks to stronger-than-
expected resilience of the US economy and various emerging markets. Inflation continued to decline as a result of the
more restrictive monetary policy stance adopted by the major central banks and the decline in energy commodity
prices from the previous year’s peaks. The post-Covid global economic recovery has proved surprisingly resilient to the
ongoing wars in Ukraine and Israel and the effects of high inflation. The International Monetary Fund’s latest estimates
published in January 2024 put global economic growth in 2023 at 3.1%, slightly down from 3.5% in 2022. This forecast
was revised up by 0.2% from the October 2023 estimate, reflecting not only the stronger-than-expected resilience
demonstrated by the US economy and some large emerging markets, but also fiscal measures enacted in China. This
level of growth nonetheless remains below the historical average (2000-19) of 3.8%, reflecting restrictive monetary
policies and the withdrawal of fiscal support, as well as low underlying productivity growth. Geographically, US growth
has been revised upwards, reflecting expectations of a softer landing and a more orderly disinflation process. The
US economy is expected to have grown by 2.5% in 2023, up from 1.9% in the previous year, thanks in part to sturdy
domestic demand and a buoyant labour market that have produced a robust expansion despite considerably tighter
monetary policy. The situation in Europe is the opposite, posting a significant deceleration from the previous year.
After expanding 3.4% in 2022, eurozone growth in 2023 is estimated at 0.5%, penalised by the effects of high inflation
and the monetary tightening required to contain it, as well as weak global demand. Almost all European countries
have experienced this deceleration, and some of them could end up in recession, such as Germany, whose 2023 GDP
is expected to be 0.3% below that of 1.8% in 2022. Among the countries with the highest growth are Spain and France
with estimated growth of 2.4% and 0.8% respectively, but still significantly down from 2022 when they grew by 5.8%
and 2.5%. With regard to emerging economies, the IMF forecasts show substantial stability, with growth unchanged
in 2023 at 4.1%. Within this mixed group of economies, China is forecast to report a significant recovery in 2023, with
growth estimated at 5.2%, up from 3.0% in the previous year. The lifting of pandemic-related containment measures
and a broader recovery in consumption have offset weakness in the residential construction sector. With 5.2% growth,
the Chinese economy remains the world’s second fastest growing economy after India, which is expected to have
grown by +6.7% in 2023, down from +7.2% in the previous year. Although expectations for the future are positive, there
are still a number of uncertainties that could weigh on short-term growth prospects, including the escalation of
geopolitical tensions in Ukraine and the Middle East and a possible slowdown in the downward path of inflation with
consequent continuation of restrictive monetary policies, involving less favourable financial conditions.
Change in GDP 2021-2022 by country
8%
7%
6%
5%
4%
3%
2%
1%
0%
-1%
-2%
Area Euro
Germany
France
Russia
Japan
World
China
Spain
Brasil
India
USA
Italy
UK
2022 2023
Source: IMF, World Economic Outlook Update, January 2024
Financial market performance
Prysmian S.p.A. was floated on the Italian Stock Exchange on 3 May 2007 and since September 2007 has been included
in the FTSE MIB index, comprising the top 40 Italian companies by capitalisation and stock liquidity. The Prysmian stock
has since entered the principal world and sector indexes, including the Stoxx Europe 600 Industrial Goods & Services,
made up of the largest European industrial companies by capitalisation, the Dow Jones Sustainability World index and
MIB ESG, both composed of a selected basket of listed companies that demonstrate excellent Environmental, Social
and Governance (ESG) practice. The major global equity indexes turned in a positive performance in 2023, recovering
most of the losses incurred in the previous year mainly caused by high inflation and the start of the war in Ukraine.
Performance was particularly positive in the last months of the year, also supported by prospects that the main central
banks might bring forward the cycle of interest rate cuts following more reassuring data on the normalisation of
inflation. Europe’s best performer was Italy’s main index (FTSE MIB), which gained +28.0% and surpassed the 30,000
mark for the first time since 2008, thanks in part to the strong presence in the index of banking stocks, which
benefited from the rate hike. The UK index (FTSE 100) saw the smallest gains at +3.8%, while the German index
(DAX) and the Spanish index (IBEX 35) had fairly similar performances of +20.3% and +22.8% respectively. Overall,
the Stoxx Europe 600 gained 12.7%, with retail, technology and construction among the best performers. On the flip
side, the worst performers included Basic Resources and Food & Beverage, which were also the only sectors to end
the year in negative territory. US equity markets also performed well in 2023, with all three major indexes reporting
substantial gains: S&P 500 +24.2%; Dow Jones Industrial +13.7% and in particular Nasdaq 100 with +53.8% thanks to
the strong presence of technology stocks, which benefited from the boost provided by artificial intelligence. Chinese
equity markets on the other hand posted a negative performance for the second consecutive year, burdened by the
prolonged real estate crisis and a lacklustre post-covid economic recovery. The Shanghai Composite index closed
3.7% down, while DJ Shenzen lost 9.2%. Hong Kong’s Hang Seng index recorded one of the worst performances
among the major world stock indexes, at -13.8%.
The Prysmian stock gained 18.8% in 2023, closing the year at Euro 41.17 per share versus Euro 34.66 at the end of
2022. The excellent performance of Prysmian’s stock continued the positive trend seen in recent years, in which it had
climbed by 27.4% in 2019, 35.3% in 2020, 13.9% in 2021 and 4.7% in 2022, bringing its overall gain in the last five years to
144.0%. Its performance was well above both the FTSE MIB index, which climbed by +65.5%, and the STOXX Europe
600/Ind Goods & Services index, which grew by +70.0% over the same five-year period.
The average share price during 2023 was Euro 36.69, up from Euro 30.69 in 2022. Including dividend pay-outs, the
Total Shareholder Return (TSR) offered by the Prysmian stock was +20.7% in 2023 and +280.9% since its original listing
on 3 May 2007. Excluding the contribution of dividends and so just considering price changes, the performance was
+18.8% in 2023 and +168.0% since the listing date. The Group’s solidity and expectations of growth in its key markets,
also thanks to Energy Transition, Electrification and Digitalisation megatrends, have enabled the Prysmian stock to
retain its strong market appeal, as confirmed by financial analyst recommendations, of which at the close of the year,
76% were “Buy” and 18% “Hold”.
Performance of Prysmian stock since IPO
Price - Euro Volume - Mln shares

45 20
40
35 16
30
12
25
20
8
15
10 4
5
0 0
May-07
Nov-07
May-08
Nov-08
May-09
Nov-09
May-10
Nov-10
May-11
Nov-11
May-12
Nov-12
May-13
Nov-13
May-14
Nov-14
May-15
Nov-15
May-16
Nov-16
May-17
Nov-17
May-18
Nov-18
May-19
Nov-19
May-20
Nov-20
May-21
Nov-21
May-22
Nov-22
May-23
Nov-23
Prysmian Volume

Performance of Prysmian stock
300
250
TOTAL SHAREHOLDER RETURN
200
150 +20.7%
IN 2023
100
50 +280.9%
SINCE ITS DATE OF LISTING
0
May-07
Nov-07
May-08
Nov-08
May-09
Nov-09
May-10
Nov-10
May-11
Nov-11
May-12
Nov-12
May-13
Nov-13
May-14
Nov-14
May-15
Nov-15
May-16
Nov-16
May-17
Nov-17
May-18
Nov-18
May-19
Nov-19
May-20
Nov-20
May-21
Nov-21
May-22
Nov-22
May-23
Nov-23
Prysmian FTSE MIB Euro STOXX 600 Industrial
During 2023, the stock’s liquidity recorded average daily trading volumes of approximately 0.8 million shares, with an
average daily turnover of Euro 28 million.
Prysmian key data
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Price at
31 December 41.17 34.66 33.11 29.08 21.49 16.87 27.19 24.40 20.26 15.15
(Euro)
Change
18.8% 4.7% 13.9% 35.3% 27.4% -38.0% 11.4% 20.4% 33.7% -19.0%
in year
Average price
36.69 30.69 29.87 21.81 18.55 22.17 26.31 20.93 19.10 16.38
(Euro)
Maximum price
41.24 35.60 35.05 29.08 22.06 28.54 30.00 24.42 22.23 19.54
(Euro)
Minimum price
33.78 25.59 25.34 13.96 14.93 14.97 23.34 16.45 14.43 12.78
(Euro)
Capitalisation
at year end 11.385 9.294 8.878 7.798 5.762 4.523 5.913 5.288 4.319 3.283
(millions of Euro)
Average
capitalisation
9.864 8.229 8.009 5.849 4.975 5.361 5.701 4.536 4.140 3.521
in year
(millions of Euro)
Ave no.
of shares traded 0.8 0.7 0.9 1.3 1.7 1.3 1.0 1.0 1.4 1.4
(millions)
Average
amount traded 28 22 25 27 31 28 26 20 27 23
(millions of Euro)
No. of shares
276,534,448 268,144,246 268,144,246 268,144,246 268,144,246 268,144,246 217,482,754 216,720,922 216,720,922 216,712,397
at 31 December
10. Significant events during the year
Finance activities
CDP lends Euro 120 million for innovation and digitalisation

On 6 March 2023, Prysmian announced that it had obtained a new loan of Euro 120 million from Cassa Depositi e Prestiti
(CDP) to support R&D focused on deploying innovative technologies and to help consolidate the business’s digitalisation
processes, while cutting emissions to facilitate the energy transition.
Prysmian’s R&D programs are also in step with the Paris Agreements, the European Green Deal and Horizon Europe
directives for the promotion of clean, renewable energy by developing cable systems that ensure the interconnection of
integrated renewable energy systems.
S&P Global Ratings awards Prysmian S.p.A. an investment grade rating

On 6 June 2023, the Group announced that it had been awarded an investment grade rating by S&P Global Ratings.
Prysmian S.p.A. has received a BBB- long-term issuer credit rating with a stable outlook.
Revolving Credit Facility 2023

On 20 June 2023, Prysmian renewed a Euro 1,000 million long-term sustainability-linked revolving credit facility with a
syndicate of leading Italian and international banks.
This important five-year credit facility, with a 6 and 7 year extension option, will help further improve the Group’s
financial structure by lengthening the average maturity of its debt, while retaining the flexibility offered by such an
instrument. The credit facility carries optimum terms, also in light of the investment-grade credit rating recently
awarded to Prysmian by Standard & Poor’s.
In addition, with the aim of deepening the embedding of ESG factors into the Group’s strategy, Prysmian has chosen
to include important environmental and social KPIs among the parameters determining the terms of credit. The
renewed revolving credit facility is in fact Sustainability-Linked, being tied to the decarbonisation targets already set
by the Group (annual GHG emissions from 2023 to 2030), to the ratio of female white-collar and executive hires to total
Group hires, and to the number of sustainability audits performed within the supply chain.
New contracts and other contract-related information
Prysmian successfully completes laying of the Ibiza-Formentera submarine cable interconnection

On 31 January 2023, the Group announced that it had successfully completed laying and burial of the cables for the
submarine power interconnection between Ibiza and Formentera.
Prysmian partners with National Grid to upgrade UK electricity grid

On 6 February 2023, the Group announced that National Grid Electricity Distribution had awarded the Group’s UK
subsidiary a minimum three-year framework agreement for the supply of medium voltage cables.
Prysmian launches Prysolar, its most innovative cable solution for solar power generation
On 20 February 2023, the Group announced that it would showcase its full range of technologies at Genera 2023, the
International Energy and Environment Fair held in Madrid from 21-23 February 2023. With the release of Prysmian
Prysolar, the Group now has the most comprehensive and geographically wide product capability to serve every
customer in every continent.
TenneT awards Prysmian offshore wind farm connection projects in the Netherlands worth Euro 1.8 billion
On 3 March 2023, the Group was awarded two contracts worth a total of approximately Euro 1.8 billion by Dutch
transmission system operator TenneT for two power grid connection projects (Ijmuiden Ver Alpha and Nederwiek 1),
which will connect two future offshore wind farms located in the Dutch North Sea to the province of Zeeland, in the
south west of the Netherlands.

The first connection is scheduled to be delivered in 2029 and the second in 2030. Each cable system consists of two
single-core 525 kV HVDC cables (with XLPE insulation for the submarine section and P-Laser insulation for the onshore
section), a single-core metallic return cable and a single-core optical cable.
The submarine cables will be manufactured at Prysmian’s centres of excellence in Pikkala (Finland) and Arco Felice
(Italy), while the onshore cables will be produced in Gron (France).
Inelfe awards Prysmian a contract worth more than Euro 800 million for a new power interconnection between
France and Spain
On 5 May 2023, the Group was awarded a contract worth more than Euro 800 million for a new power transmission
interconnection between France and Spain. The connection will be built for INELFE, a 50:50 joint venture between
Spanish grid operator Red Eléctrica and French grid operator Réseau de Transport d’Électricité (RTE).
The project is one of the European Commission’s Projects of Common Interest as it boosts the reliability of power
supply, enables renewable energy to be an ever-growing integral part of electricity grids and helps create a more
efficient system. The EPCI contract for Cable Link 2 of the Biscay Gulf Project involves a total of about 400 km of
submarine and land cables with an overall capacity of 1 GW. The submarine section will link the Basque coast (Spain)
to the Médoc coast (France).
HVDC cable connections in UK: Eastern Green Link 2 (EGL2) and Eastern Green Link 1 (EGL1)
On 23 May 2023, the Group received notification from SSEN Transmission and National Grid Electricity Transmission plc
that it had been selected as the sole preferred bidder for the Eastern Green Link 2 (EGL2) cable connection.
Eastern Green Link 2 is an HVDC submarine and land cable link of approximately 500 km, planned to run from
Peterhead in Scotland to Drax in the north of England. With 2 GW power transmission capacity, this link will be one of
the first cable systems in the UK to use 525 kV technology with extruded XLPE insulation.
On 29 June 2023, the Group announced that it had reached another important milestone with Eastern Green Link
2 Limited, under which an agreement was made to pay Euro 180 million to reserve Prysmian’s capacity for the
construction of EGL2 during the remaining period of negotiations aimed at finalising the contract in a timely manner.
On 25 May 2023, the Group received notification from SSEN Transmission and National Grid Electricity Transmission
plc that it had been selected as the sole preferred bidder for the Eastern Green Link 1 (EGL1) cable connection. Eastern
Green Link 1 is an HVDC submarine and land cable link of approximately 200 km (requiring about 400 km of cable),
planned to run from Torness in Scotland to Hawthorn Pit in the north of England.
With 2GW power transmission capacity, this link will be the first cable system in the UK to use 525 kV technology with
extruded XLPE insulation. In addition, a 5 km long 400 kV HVAC cable system (requiring approximately 30 km of cable)
will connect the converter station and grid substation at the end of the Scottish section.
On 5 July 2023, the Group announced that it had reached another important milestone with SP Transmission plc and
National Grid Electricity Transmission plc, two of the British electricity grid’s owners, under which an agreement was
made to make an initial payment of Euro 85 million.
On 30 November 2023, the Group was awarded the contract worth some Euro 850 million by Eastern Green Link
1 Limited, a joint venture between UK transmission grid owners SP Transmission plc and National Grid Electricity
Transmission plc.
The award of EGL1, which now joins the Group’s order backlog, follows Prysmian’s selection earlier this year as the
exclusive preferred bidder and the Group’s subsequent commitment to reserve its production capacity.
The cables will be manufactured at Prysmian’s centres of excellence in Pikkala (Finland) in the case of the submarine
cables and in Gron and Montereau (both in France) in the case of the onshore cables. A Prysmian cable-laying vessel
of the same class as the Leonardo da Vinci will be used for offshore installation activities. The project is scheduled to
be commissioned in 2028.
EGL2 and EGL1 are part of a series of system upgrades needed to increase the capacity of the UK’s existing transmission
grid and support the growth of renewable energy flows generated in the north of the country to centres that require it
in the south. These links will therefore support the goal of having 50 GW of offshore wind power by 2030 and achieving
a Net Zero economy by 2050.
Prysmian to develop a new submarine power cable link for the Hornsea 3 offshore wind farm in the UK
On 3 July 2023, Prysmian was awarded a new contract by Ørsted Wind Power A/S to supply inter-array submarine
cables for the Hornsea 3 offshore wind farm, located 160 km off the Yorkshire coast in the UK. Once completed, the
wind farm will be able to supply clean, renewable electricity to over 3 million homes.
Cable delivery is scheduled in 2026.
Major Service Level Agreement signed with TenneT for the maintenance of submarine cables to help ensure
stable supply of clean energy to German and Dutch households
On 12 July 2023, the Group signed a Service Level Agreement (SLA) with German-Dutch transmission system operator
(TSO) TenneT. The agreement provides for the provision of nearshore and offshore inspection, maintenance and repair
services for TenneT’s HVAC and HVDC submarine power cables in the North Sea.
The services under the agreement will be provided in partnership with N-Sea, a Dutch integrated subsea solutions
provider specialised in survey, IMR & construction, subsea cable repair & installation, and UXO identification &
disposal.
This new agreement, which will apply to all cable links already in operation, will last for three years and has the option
of being extended. It will cover approximately 4,000 km of TenneT’s submarine cable systems located in the German
and Dutch North Sea.
Prysmian selected as preferred bidder for the BalWin1, BalWin2 and DC34 projects in Germany
On 22 August 2023, the Group announced that it had been selected by Amprion, one of Europe’s leading transmission
system operators, as preferred bidder for the two offshore grid connection systems BalWin1 and BalWin2 and the
underground cable project DC34. Prysmian has committed to reserve the required production and installation
capacity until that date. The contracts are valued in aggregate at around Euro 4.5 billion.
These three projects are part of Germany’s overall plan to install 70 GW of offshore wind power by 2045 and will allow
energy generated in the North Sea to be transmitted to consumers in the country’s western and southern regions.
Prysmian successfully completes Viking Link, the record-breaking interconnector between the UK and Denmark
On 4 September 2023, the Group announced that it had successfully completed the installation and HV testing of its
1,400 km of submarine and onshore power cables for the Viking Link Interconnector, the world’s longest onshore and
offshore HVDC interconnector linking the UK and Denmark. Viking Link is a joint venture between National Grid and
Energinet.
The interconnector, expected to be operational by the end of 2023, will enable clean energy to be exchanged between
the two countries, supporting their journey to net zero. Prysmian’s contract, worth around Euro 700 million, was
awarded in August 2019 by National Grid and Energinet and included the end-to-end design, manufacture and
installation of the world’s longest interconnector, covering all 1,250 km of cables for the submarine section and around
135 km of land cables on the UK side, for the 4 Lots awarded to Prysmian out of a total of 5.
Prysmian signs a Capacity Reservation Agreement with Marinus Link Pty Ltd in Australia
On 5 September 2023, the Group announced that it had signed a Capacity Reservation Agreement for a fee of up to Euro
90 million with Marinus Link Pty Ltd, a subsidiary of Australian TSO TasNetworks, for a new electricity interconnector
between Tasmania and the state of Victoria (Australia). The agreement requires the Commonwealth Government to
pay a fee of up to Euro 90 million in consideration for Prysmian’s reservation of capacity until the final contract is
signed, expected by July 2024.
With a total capacity of 750 MW, the link will facilitate the flow of electricity between the two states, enabling efficient
transfer of renewable energy from where it is generated to where it is needed, while also helping Australia meet its
emission reduction targets by saving up to 70 million tonnes of CO2 equivalent by 2050. Further to negotiations, the
contract is expected to be finalised during 2024.
Prysmian awarded Euro 630 million Adriatic Link project by Terna

On 7 September 2023, the Group was awarded a new contract worth around Euro 630 million by Terna Rete Italia
S.p.A., a wholly-owned subsidiary of Terna S.p.A., operator of the Italian HV and EHV power grid.
The Adriatic Link project includes the design, supply, installation and commissioning of an HVDC submarine
interconnector, which will contribute to decarbonisation of the Italian energy system, thereby strengthening Italy’s
role as a Mediterranean energy hub.

Prysmian signs an agreement worth around Euro 1.1 billion with 50Hertz for the NOR-11-1 submarine cable and
DC31 underground cable projects in Germany
On 29 September 2023, the Group was awarded new contracts worth a total of around Euro 1.1 billion by 50Hertz, a
transmission grid operator in Germany.
As part of 50Hertz’s tender for “long-term EPCI contracts for HVDC cables”, Prysmian has been awarded contracts for
Lot 2, which includes EPCI contracts for the NOR-11-1 submarine and DC31 underground cable projects, and for Lot 7.
These projects are part of Germany’s plan to achieve cumulative installed offshore wind power capacity of 70 GW by
2045 and to transfer energy generated in the North Sea to consumers in the eastern and southern regions of Germany.
Under Lot 2, Prysmian will be responsible for the design, manufacture, supply, laying, testing and commissioning of
the two turnkey projects NOR-11-1 and DC31, involving an overall cable length of around 1,000 km.
With power transmission capacity of 2 GW, NOR-11-1 is a 525 kV HVDC submarine cable project that will also use an
underground cable along the route that will connect the N-11-1 offshore wind farm to the German grid in the Heide-
West area. DC31, the second project in Lot 2, is a 525 kV HVDC underground cable project that will transmit electricity
from the Heide-West area to Klein Rogahn.
Both the ±525 kV HVDC submarine and underground cable systems will consist of two single-core XLPE-insulated
copper cables plus a dedicated XLPE metallic return cable and a fibre optic cable.
The submarine power cables will be produced at the Group’s centres of excellence in Pikkala (Finland) and Arco Felice
(Italy), while the submarine fibre cables will be manufactured in Nordenham (Germany).
The underground power cables for both the DC31 project and the underground section of the NOR-11-1 project will be
manufactured in France.
Lot 7, awarded to Prysmian as the primary supplier, consists of a framework provision allowing 50Hertz to contract
with Prysmian within an agreed period for future 525 kV offshore and/or onshore projects with a cable core volume of
up to 2,700 km.
Prysmian will use its fleet of state-of-the-art cable-laying vessels for offshore installation activities, including cable
laying and burial.
Prysmian successfully completes cabling operations for Vineyard Wind 1, the US’s first utility-scale offshore
wind farm
On 23 October 2023, the Group announced that it had successfully completed the installation and HV testing of
Vineyard Wind 1, the first utility-scale offshore wind farm in the United States.
Located more than 15 miles off the Massachusetts coast, Vineyard Wind consists of an array of 62 wind turbines that
will generate 800 MW of electricity powering more than 400,000 homes.
The project was awarded to Prysmian by Vineyard Wind, LLC in May 2019. The contract included the design,
manufacture, installation and commissioning of an HVAC cable system consisting of two 220 kV three-core XLPE-
extruded cables that will deliver clean energy to the mainland US power grid and help reduce CO2 emissions by more
than 1.6 million tonnes per year.
The 134 km of submarine power cables were manufactured at Prysmian’s centres of excellence in Pikkala (Finland) and
Arco Felice (Italy), while marine installation was carried out using Prysmian’s Cable Enterprise and Ulisse cable-laying
vessels.
Prysmian signs an agreement worth around Euro 900 million for the Clean Path New York energy project in the US
On 30 October 2023, the Group announced that it had signed an agreement worth approximately Euro 900 million with
Clean Path New York to supply submarine and land cable systems for one of the largest transmission infrastructure
projects in the United States.
Clean Path New York is a $11 billion renewable energy project comprising more than 20 new wind and solar generation
projects totalling 3,800 MW and a new 280 km underground and submarine power transmission line.
Together, these assets will provide more than 7.5 million megawatt hours of emission-free energy to more than 1.5
million New Yorkers every year. Clean Path New York is a public-private partnership between Invenergy, energyRe and
the New York Power Authority.
Under the terms of the agreement, Prysmian will be responsible for the design, construction, installation and
commissioning of a 400 kV HVDC single-core XLPE-insulated cable system, subject to Clean Path New York issuing
its notice to proceed in spring 2024.
Prysmian wins contract worth over Euro 100 million signed with Petrobras to supply steel tube and thermoplastic
electro-hydraulic umbilicals
On 7 December 2023, further to a competitive tender, the Group signed a contract worth over Euro 100 million with
Petrobras for the supply of 170 km of deepwater electro-hydraulic umbilicals and related specialised offshore and
logistics services.
The state-of-the-art deepwater steel tube and thermoplastic umbilicals will be engineered, manufactured, tested and
delivered in the period 2024-2027 by Prysmian’s centre of excellence for Offshore Specialties and dynamic subsea
technologies in Vila Velha (Brazil).
In recent years, the Group has in fact invested in further expanding its industrial assets at the Vila Velha plant and its
delivery logistic options, as well as its entire end-to-end value generation process, from R&D modelling to offshore
services, in order to better meet customers’ needs with technologically advanced cable solutions.
Prysmian further expands its cable-laying fleet in support of the global power grid for energy transition
with two new cable-laying vessels to create the industry’s largest fleet
On 21 December 2023, the Group announced an investment of some Euro 350 million for two new state-of-the-art
cable-laying vessels to boost Prysmian’s submarine project execution capabilities. This investment is already included
in the medium-term outlook announced by the Group on 5 October during the Capital Markets Day.
The first cable-laying vessel will be an evolution of the Monna Lisa. Measuring about 185 m long and some 34 m wide,
the new vessel will be equipped with advanced cable-laying solutions, such as three carousels with a total 19,000
tonne capacity, making it one of the cable-layers with the highest load capacity on the market and reducing factory-
to-site transport time, thus improving overall project efficiency.
A bollard pull in excess of 180 tonnes will allow the vessel to perform complex installation operations of simultaneously
laying and burying (up to 4) cables using several ploughs, for unparalleled optimisation of offshore operations.
The vessel will be equipped with state-of-the-art DP3 dynamic positioning and seakeeping systems and will be
operational by early 2027. Like the Leonardo da Vinci and the Monna Lisa, the new vessel will be built by the VARD
Group (a subsidiary of the Fincantieri Group), one of the world’s leading designers and builders of specialised vessels
for the offshore market.
The other cable-laying vessel will be an evolution of the Ulisse, measuring about 167 m long and some 40 m wide. It
will be equipped with two carousels (one of which split in two concentric sections) with a total load capacity of 10,000
tonnes. State-of-the-art DP2 dynamic positioning and seakeeping systems and an eight-point mooring system will
enable the vessel to meet the specific operational requirements for shallow-water cable laying and burial, even in
harsh environmental conditions. The vessel is due to enter service during the first half of 2025.
Both vessels will have green credentials: they will be equipped with high-voltage shore connection systems to power
them with clean energy during loading operations, diesel generators suitable for biodiesel blends and hybrid batteries
just for the vessel that installs in very deep water (due to its specific activities).
Prysmian’s current fleet of six state-of-the-art cable-laying vessels comprises: Giulio Verne, its former flagship with
about 35 years of service in cable installation projects; Cable Enterprise, a very versatile DP2 vessel, mainly used for
installation of offshore wind farm export cables; Ulisse, an efficient shallow-water installation vessel; Barbarossa, a small
barge, recently added to the fleet and specifically designed for operations in very shallow water and intertidal zones;
Leonardo da Vinci and Monna Lisa, the world’s most advanced cable-laying vessels, the latter still under construction,
both unrivalled in the installation of long HVDC interconnections in particularly deep waters.
Prysmian also has the widest range of high-tech burial equipment, including Hydroplows, HD3 Ploughs and Post Lay
Burial machines (Sea Mole, SeaRex and Otter).
Prysmian successfully completes the Fécamp offshore wind farm cable project in France
On 27 December 2023, the Group announced that it had successfully commissioned the inter-array cable system for
the Fécamp offshore wind farm, located in the English Channel, some 24 km off the French coast in Normandy (Seine
Maritime department).
The Fécamp offshore wind farm consists of 71 wind turbines with a total capacity of almost 500 MW, capable of
generating clean electricity equivalent to the power needs of over 770,000 people.

Prysmian was awarded this project in 2020 under a contract from EDF Renewables and its partners.
The complex offshore installation operations were carried out applying Prysmian’s specific end-to-end approach to
project management.
This contract confirms the deep trust that EDF Renewables and its partners have in Prysmian, after previously awarding
the Group other projects such as those for the St. Nazaire and Calvados offshore wind farms.
Other significant events
Prysmian launches the Global Sustainability Academy

On 10 January 2023, the Group announced the launch of the Global Sustainability Academy. The initiative aims to
spread the culture of sustainability within the entire corporate population worldwide and further strengthen the
Group’s commitment to implementing its Climate & Social Ambitions, with reference to employee engagement and
up-skilling parameters.
Prysmian unveils the cable industry’s first eco-certified optical cables

On 17 March 2023, the Group announced the launch of the first green-certified optical cables under its ECO CABLE
label, the first patented label of its kind in the cable industry. The Group presented its ECO CABLE labelled product
range at the FTTH Conference 2023 in Madrid. All of the Group’s telecom cables have been graded, with around 30%
of them now rated as ECO CABLE compliant. Distribution of ECO CABLE certified Telecom products began in Europe
in May, with the rest to follow later in the year. The Group aims with this initiative to strengthen its sustainability
strategy and active role as a promoter of sustainable development, as well as to accelerate its race towards net-zero
CO2 emissions.
Approval of financial statements at 31 December 2022 and dividend distribution

On 19 April 2023, the shareholders’ meeting of Prysmian S.p.A. approved the 2022 financial statements and the
distribution of a gross dividend of Euro 0.60 per share, for a total of some Euro 158 million. The dividend was paid out
from 26 April 2023, with record date 25 April 2023 and ex-div date 24 April 2023.
Authorisation to buy and dispose of treasury shares

On 19 April 2023, the shareholders’ meeting of Prysmian S.p.A. granted the Board of Directors authorisation to buy back
and dispose of treasury shares, concurrently revoking the previous authorisation under the shareholder resolution
dated 12 April 2022. Under this authorisation it is possible to make one or more share buybacks such that, at any one
time, the total holding of treasury shares does not exceed 10% of share capital.
New long-term incentive plan (2023-2025)

On 19 April 2023, the shareholders’ meeting of Prysmian S.p.A. approved a long-term incentive plan (2023-2025) that
will involve approximately 1,100 beneficiaries among management and other key Prysmian resources, including
Prysmian S.p.A.’s Executive Directors and Key Management Personnel.
The Plan involves the grant of new-issue ordinary shares obtained from a bonus issue funded by profits or retained
earnings in accordance with art. 2349 of the Italian Civil Code, or a combination of new-issue shares and treasury
shares. By means of this plan, Prysmian intends to strengthen the Company’s and management’s commitment to
creating sustainable value over time for all stakeholders, including by involving a wide range of key people in over 40
countries who play an important role in the Group’s sustainable success.
The plan spans a three-year period and provides for the award of shares upon achievement of economic and financial
performance conditions, Total Shareholders Return and ESG targets. The plan also allows 50% of the annual bonus,
where due, for the years 2023, 2024, 2025 to be deferred in the form of shares. The annual bonus is also linked to the
achievement of ESG targets, as well as to economic-financial targets. The deferral of the annual bonus also entails an
additional award of “matching” shares which, in the case of the Group’s some 50 top managers, is also dependent on
the achievement of ESG targets by 2025. The plan has the following objectives:
• to motivate participants to achieve long-term results geared towards sustainable value creation over time;
• to align the interests of management with those of shareholders through the use of share-based incentive
instruments;
• to foster stable management ownership of the Company’s share capital;
• to ensure the long-term sustainability of the Group’s annual performance, strengthening staff engagement and
retention, including through the mechanism of deferring part of the annual bonus in shares.
The shareholders of Prysmian S.p.A. also authorised a bonus share capital increase to be reserved for Prysmian Group
employees in execution of the plan.
This capital increase may reach a maximum nominal amount of Euro 950,000 through apportionment, pursuant to
art. 2349 of the Italian Civil Code, of a corresponding amount from profits or retained earnings, with the issue of no
more than 9,500,000 ordinary shares of nominal value Euro 0.10 each.
Prysmian launches ECOSLIM™, the small-diameter optical fibre system using up to 90% recycled plastic
On 25 May 2023, the Group announced the global launch of its Ecoslim™ sustainable telecommunications system,
which uses Sirocco HD and Sirocco Extreme optical cables, available with up to 864 optical fibres. Sirocco HD cables
are made with 50% less plastic and are up to 25% smaller in diameter, in line with the Group’s commitment to increase
the recycled content of its cables.
Massimo Battaini designated as new Group CEO with effect from the 2024 AGM
On 26 May 2023, the Board of Directors of Prysmian S.p.A. designated Massimo Battaini - a current Director and Group
Chief Operating Officer (“COO”) - as the candidate for the position of Chief Executive Officer (“CEO”) of Prysmian, in line
with the Group Succession Plan, having been informed by current CEO Valerio Battista of his decision not to carry on
as CEO for the next three-year mandate (2024-2027).
Massimo Battaini will be presented as CEO designate on the slate submitted by the outgoing Board of Directors for its
upcoming renewal at the 2024 Annual General Meeting, when Valerio Battista will step down.
Prysmian to create a power transmission cable technology hub in Finland to support grid upgrades for global
energy transition
On 1 June 2023, the Group announced the commencement of a new investment of approximately Euro 120 million in
its strategic plant in Pikkala, Finland. The investment, which comes on top of the Euro 100 million already earmarked
in 2022, aims to increase production capacity for 525 kV HVDC submarine cables, thus supporting growing market
demand driven by the need to develop and upgrade power transmission grids for the energy transition.
The new vertical continuous vulcanisation (VCV) lines will more than double Pikkala’s current production capacity for
525 kV extruded submarine cables and 400 kV AC cables by 2026.
Prysmian’s leadership team invests in the Company’s shares, to hold more than 2% of share capital
On 6 June 2023, the Group announced that, as of 5 June 2023, Prysmian S.p.A.’s CEO Valerio Battista, as well as other
top managers and beneficiaries of the three-year incentive plan “LTI Grow 2020-2022” approved by the AGM on 28 April
2020, had started to sell part of the Prysmian ordinary shares granted to them under the Grow Plan.
These sales took place in accordance with the sell-to-cover mechanism - and, therefore, through transactions on the
market - for the sole purpose of meeting the tax liabilities arising from their award, as provided for under the Grow Plan.
In particular as regards the CEO, the sale concerned part of the 325,743 shares awarded to him.
Prysmian’s leadership team, consisting of CEO Valerio Battista, COO Massimo Battaini, CFO Pier Francesco Facchini and
other senior managers, informed the Company that they had agreed to the CEO’s proposal to invest in the Company’s
shares a minimum of 30% of their net incentive, calculated on the portion paid in cash, based on the achievement of
the MBO plan’s performance targets for the year 2022.
At the end of the sell-to-cover period envisaged in the Grow Plan, the leadership team will own more than 2% of
Prysmian’s share capital.
Variation in share capital

On 6 June 2023, the Group announced that Prysmian S.p.A.’s share capital had a new composition as a result of
implementing the resolutions for a bonus issue adopted by the Company’s Extraordinary General Meeting on 12
April 2022 to service the stock grant plans approved by the shareholders’ meetings of 28 April 2020 and 12 April 2022,
reserved for employees and executive directors of the Company and of Prysmian companies.
More specifically, the following shares were issued:
• on 29 May 2023, 292,511 ordinary shares,

• on 5 June 2023, 8,000,000 ordinary shares.

Science Based Target initiative approves the Group’s new Near-Term and Net-Zero GHG
emission reduction targets
On the occasion of its Sustainability Week 2023, the Group announced that its ambitious new emission reduction
targets had been approved by the Science Based Target initiative (SBTi). Among the highlights, a revision of the near-
term targets and approval of the net-zero targets:
• -47% Scope 1 and 2 emissions (upgrade from the previous 2021 target of -46%) and -28% Scope 3 emissions (upgrade
from the previous 2021 target of -21%), by 2030;
• -90% (Scope 1 and 2) by 2035 and -90% (Scope 3) by 2050 throughout the value chain.
The Sustainability Week 2023 was an opportunity to underscore how the Group views sustainability as a driver of
its business, by pursuing a strategic vision based on the highest standards of environmental responsibility in its
production processes, and strengthening its commitment not only to safeguarding the environment and managing
relations with the local communities in which it operates but also to the inclusion and development of its people.
Plan to close Berlin- Köpenick plant in Germany

On 10 July 2023, German company Draka Comteq Berlin GmbH & CO.KG announced its intention to initiate a process
of informing and consulting employees about a collective redundancy procedure for the entire workforce of the
Köpenick plant in Germany, affecting 82 employees.
The Köpenick plant manufactures signalling cables for the railway industry, an activity which could be transferred to
the Neustadt plant.
Industrial activities are due to cease by the end of the year, resulting in the plant’s closure. Discussions between the
local works council and trade union will seek to agree balance of interests and a plan to minimise the social impact, for
example by offering employees the possibility of transfer to other German plants or a redundancy incentive for those
who decide to leave the Group.
The parties conducted and concluded the negotiations in September, signing an overall agreement and defining a
solid social plan that also includes the possibility of relocating the voluntary workers to the Neustadt site.
The process described was carried out in the name of the great professionalism of Köpenick’s workforce, which is
continuing to work in the factory, with no (negative) impact on the production that will end in December, as well as
collaborating in order to carry out the project of transferring production to the Neustadt site.
Telecom footprint rationalization

Following the reduction in demand that occurred from the second half of 2023 in the Telecom business, which has
consolidated a structural overcapacity of production with respect to the now definitive level of market absorption in
the various segments of the sector, the Group has implemented various initiatives, including the announcement of
the closure of the French factory in Calais (optical cables) and the English one in Washington (multimedia solution), in
the last quarter 2023.
In this context, the local management, negotiated according to local regulations, in accordance with the local laws
and the respective consultation and negotiation procedures with the PAs has entered into negotiations with the social
partners in order to reach an agreement that implements and supports a social plan consisting of various measures,
including job relocations to other Group sites and redundancy incentives, in order to allow each employee to find the
solution that best suits their personal needs.
In Italy, since the beginning of 2024, management has also started discussions, both at trade union and government
level - on its disengagement from the production of optical fibre in Italy with the consequent declaration of its intention
to initiate a procedure for termination or sale of the fiber optic production plant in Battipaglia.
Prysmian supports parenthood: new Global Parental Policy launched

On 7 August 2023, the Group announced the global introduction of a new Parental Policy, consisting of a series of
concrete measures to support new parents in best managing their work-life balance in this new chapter of their lives.
The main features of the new global Parental Policy include the raising of the minimum parental leave for mothers or
primary caregivers from 12 to 16 weeks on full pay, and the introduction of a two-week minimum standard parental
leave on full pay for fathers or secondary caregivers.
To support parenthood, Prysmian is committed, in all countries in which it operates, to providing a “New Child Benefit”
(also called “Baby Bonus”) as an income support measure granted and paid for each new child to new parents, whether
biological or adoptive and members of a couple or single.
Moreover, Prysmian will reinforce the “Leave and Back to Work” programme that supports all new mothers or primary
caregivers from the beginning of their compulsory leave until their first few months back at work, so as to guarantee
a gradual and successful return.
Each new mother will be supported with a dedicated training, mentoring or counselling programme. Through this
new Parental Policy, Prysmian aims to set a minimum global standard, focusing on aspects such as wellbeing and
inclusion in all the countries where it operates, thus allowing its employees to enjoy the same opportunities and mini-
mum benefits.
Capital Markets Day 2023 - Prysmian announces its strategy to lead energy transition
and digital transformation
On 5 October 2023, the Group announced its new strategy, including the future reshaping of its business into four new
segments, and presented its financial and non-financial targets through until 2027.
As part of the newly presented strategy, the Group also announced its main priorities in terms of capital allocation,
based on robust cash generation expected in the period 2023-2027.
In fact, the Group expects to generate Euro 3.2 billion in cumulative free cash flow over the period 2023-2027 and has
identified three main priorities in executing its capital allocation strategy:
• M&A and share buyback programme: Up to 55-60% of the cash flow generated is expected to be used to execute
the Share Buyback Programme and M&A transactions. Timing and allocation between the two options will depend
on the opportunities that arise over the period.
• Increased dividend: The dividend is another important pillar of the Group’s Capital Allocation Strategy, with the
Company intending to progressively increase the total dividend distributed to shareholders by approximately
10% year-on-year, starting in 2024. A maximum of 30-35% of the flows generated in the period 2023-2027 will be
allocated to the dividend increase.
• Deleveraging: The third strategic pillar of capital allocation is reduction in debt. Prysmian plans to continue
deleveraging while remaining in the range of 0.5x-1x over the period. The remaining 10% of the flows generated
during the period 2023-2027 will be used to further reduce debt.
Variation in share capital and new by-laws

On 29 November 2023, the Group announced that the share capital of Prysmian S.p.A. (the “Company”) had a new
composition as a result of implementing the resolution for a bonus issue adopted by the Company’s Extraordinary
General Meeting on 12 April 2022 to service stock grant plans reserved for employees of the Company and Prysmian
Group companies. More specifically, the Company issued 97,691 ordinary shares on 21 November 2023.
The notice of change in share capital has been filed with competent Companies’ Register. The updated Company’s
by-laws is available on the Company’s website at www.prysmian.com and in the mechanism for the central storage
of regulated information at www.emarketstorage.com.
Prysmian confirmed as a Leader in S&P Global’s Dow Jones Sustainability World Index 2023
On 9 December 2023, the Group announced that it had once again been confirmed as a sustainability leader in the
prestigious Dow Jones Sustainability World Index (DJSI World) following S&P Global’s annual Corporate Sustainability
Assessment of companies’ sustainability practices.
In the 2023 edition Prysmian, which is included in the ELQ Electrical Components & Equipment sector, achieved top
scores (100 points) in the environmental areas of Emissions, Resource Efficiency and Circularity, Waste and Water,
confirming the Group’s focus on and attention to these issues.
For Prysmian, sustainability is the main driver to create value: it is fully integrated into the Group’s long-term vision and
strategy defined on the basis of the measurable KPIs that constitute its Climate Change and Social Ambitions.
In October, on the occasion of its first Capital Markets Day, Prysmian updated its sustainability KPIs for 2025-2027,
confirming the Scope 1 and 2 Net Zero targets for 2035 and the Scope 3 Net Zero target for 2050.
The Group intends to continue to lead innovation in the cable industry by developing finer, lighter, faster and greener
products, while creating tangible value for customers and the communities and territories in which it operates.
In fact, the Group achieves its sustainability goals through constantly working with its partners. Stakeholder
engagement is also a core component of Prysmian’s sustainability strategy, enabling it to better understand and
anticipate their needs and expectations.

Prysmian renews partnership with Andretti Formula E for a second consecutive season
On 13 December 2023, the Group announced the renewal of its official partnership with the Andretti Formula E team
for the 2023/2024 ABB FIA Formula E World Championship, following the sensational Season 9 culminating with Jake
Dennis winning the Formula E Drivers’ World Championship.
Prysmian will continue to support Andretti Formula E by providing the Team with power transmission and information
solutions across all areas of its sustainable electrification. One of the main innovations supplied during Season 9 was
the PRY-CAM monitoring system, making it possible to gather valuable data and information on the energy efficiency
of the team’s pits.
The partnership between Andretti Formula E and Prysmian is based on the core values of innovation, sustainability,
challenge and performance, values that will continue to represent a solid basis for collaboration in this second season.
With this initiative, Prysmian aims to strengthen its “Sustain to Lead” strategy and the Group’s value proposition by
promoting innovation and sustainable development even in the strategic sectors of e-mobility, renewable power
transmission and distribution and digital solutions.
Andretti is a pillar of Formula E, having been involved since the inaugural race back in 2014, and heads into the eagerly
awaited Season 10 with a track record of 10 wins, 12 pole positions and a Drivers’ World Championship to its credit.
The team kicked off Season 10 of the Formula E championship at the opening race in Mexico City on 13 January 2024.
Created in 2011, the ABB FIA Formula E World Championship is a single-seater motorsport championship for electric
cars. Since the 2020–21 season, Formula E is a FIA World Championship, making it the first single-seater racing series
outside of Formula One to be given world championship status.
11. Group performance and results
Financial performance
Sales 15,354 16,067 -4.4% 12,736

1,595 1,442 10.6% 958
% of sales 10.4% 9.0% 7.5%
Adjusted EBITDA 1,628 1,488 9.4% 976
% of sales 10.6% 9.3% 7.7%
EBITDA 1,485 1,387 7.1% 927
% of sales 9.7% 8.6% 7.3%
Fair value change in derivatives on commodities 6 (31) 13
Fair value share-based payment (57) (104) (33)
Amortisation, depreciation, impairment

(574) (403) (335)
and impairment reversal
Operating income 860 849 1.3% 572
% of sales 5.6% 5.3% 4.5%
Net finance income/(costs) (96) (110) (96)
Profit/(loss) before taxes 764 739 3.4% 476
% of sales 5.0% 4.6% 3.7%
Taxes (217) (230) (166)
Net profit/(loss) 547 509 7.5% 310
% of sales 3.6% 3.2% 2.4%
Attributable to:
Owners of the parent 529 504 308
Non-controlling interests 18 5 2
Reconciliation of Operating Income/EBITDA to Adjusted Operating Income/Adjusted EBITDA
Operating income (A) 860 849 1.3% 572
EBITDA (B) 1,485 1,387 7.1% 927
Adjustments:
Business reorganisation 48 11 21
Non-recurring expenses/(income) 9 47 2
Other non-operating expenses/(income) 86 43 26
Total adjustments (C) 143 101 49
Fair value change in derivatives on commodities (D) (6) 31 (13)
Fair value share-based payment (E) 57 104 33
Asset impairment and impairment reversal (F) 216 34 6
Adjusted operating income (A+C+D+E+F) 1,270 1,119 13.5% 647
Adjusted EBITDA (B+C) 1,628 1,488 9.4% 976
The Group’s sales in 2023 came to Euro 15,354 million, compared with Euro 16,067 million in 2022, posting a negative
change of Euro 713 million (-4.4%).

The variation in sales can be broken down into the following main factors:
• organic sales downturn, accounting for a decrease of Euro 184 million (-1.1%);
• exchange rate and other effects, generating a decrease of Euro 264 million (-1.6%);
• fluctuation in the price of metals (copper, aluminium and lead), depressing sales prices by Euro 265 million (-1.7%).
Organic sales growth by the three operating segments was as follows
• Projects: +15.3%
• Energy: -1.3%
• Telecom: -18.9%
Group sales amounted to Euro 15,354 million, reflecting mildly negative organic growth of -1.1% on 2022. The Projects
segment recorded double-digit organic growth (+15.3%) thanks to consistent execution of its interconnection and
offshore wind farm projects. Sales in the Energy business continued to benefit from the growth drivers of energy
transition and decarbonisation, namely expansion and upgrading of electricity grids, power generation from renewable
sources, and development of electric mobility and clouding.
Although the Energy segment recorded overall organic growth of -1.3%, the Industrial & Network Components business
posted positive organic growth of +1.7%. The Telecom segment saw a second-half downturn in volumes, resulting in
organic growth of -18.9% for the year, mainly due to slowdown in the US market.
Adjusted EBITDA increased by 9.4% to Euro 1,628 million, with margins improving significantly to 10.6% from 9.3% in
2022. This performance was the result of an improvement in the Projects segment, whose Adjusted EBITDA climbed
by 23.5%, or Euro 300 million, thanks to efficient project execution.
Margins in the Energy segment also posted a significant improvement (10.5% versus 8.1% in 2022), thanks to demand
for cables for power distribution networks and to development of renewable energy production and distribution
systems. The improvement was particularly pronounced in the Industrial & Network Components business, which
posted Adjusted EBITDA of Euro 361 million (+43.2% on 2022). As already mentioned, the Telecom segment suffered
from declining volumes, especially in the United States, and reported Adjusted EBITDA of Euro 140 million, down from
the previous year’s Euro 271 million.
EBITDA is stated after net expenses for business reorganisation, net non-recurring expenses and other net non-
operating expenses, totalling Euro 143 million (Euro 101 million in 2022).
Amortisation, depreciation and impairment amounted to Euro 574 million in 2023, up from Euro 403 million in the
previous year. The fair value change in derivatives on commodities was a positive Euro 6 million compared with a
negative Euro 31 million in the previous year.
A total of Euro 57 million in costs were recognised in 2023 to account for the effects of share-based payment plans for
employees (Euro 104 million in 2022).
Reflecting the effects described above, the Group’s operating income came to Euro 860 million, compared with Euro
849 million in 2022, thus reporting a year-on-year increase of Euro 11 million.
Net finance costs amounted to Euro 96 million, down from Euro 110 million in the previous year. Taxes of Euro 217 million
represented an effective tax rate of 28.4% (31.1% in 2022).
Net profit for 2023 was Euro 547 million (of which Euro 529 million attributable to the Group), compared with Euro 509
million in 2022 (of which Euro 504 million attributable to the Group).
Net financial debt stood at Euro 1,188 million at 31 December 2023, down Euro 229 million from Euro 1,417 million
at the end of 2022. This reduction was made possible by strong cash generation of Euro 724 million, not including
disbursements for antitrust issues, marking an increase on the previous year when cash generation amounted to Euro
559 million.
Review of Projects operating segment
Sales 2,508 2,161 16.1% 1,594

300 243 23.6% 210
% of sales 12.0% 11.2% 13.2%
Adjusted EBITDA 300 243 23.5% 210
% of sales 12.0% 11.2% 13.2%
Adjustments (18) (41) (8)
EBITDA 282 202 40.1% 202
% of sales 11.2% 9.3% 12.7%
Amortisation and depreciation (80) (86) (69)
Adjusted operating income 220 157 40.1% 141
% of sales 8.8% 7.3% 8.8%
The Projects Operating Segment encompasses underground and submarine high-voltage power cables, submarine
telecommunication cables, and offshore specialty cables, as better described in the “Prysmian Business Model”
chapter of this report.
Some of the businesses within this segment fall under the economic activities eligible for the purposes of the
European Taxonomy and, more specifically, activity 3.1 “Manufacture of renewable energy technologies”, activity 3.6
“Manufacture of other low carbon technologies”, activity 3.20 “Manufacture, installation and servicing of high, medium
and low voltage electrical equipment for electrical transmission and distribution” and activity 4.9 “Transmission and
distribution of electricity”, as explained in greater detail in the “European Taxonomy” chapter of this report.
Projects segment sales reached Euro 2,508 million in 2023, versus Euro 2,161 million in 2022, recording a positive change
of Euro 347 million (+16.1%).
The factors behind this change were:
• organic sales growth, accounting for an increase of Euro 330 million (+15.3%);
• metal price fluctuations, producing an increase of Euro 17 million (+0.8%).
The Projects segment’s organic growth is mainly attributable to the Submarine Power and Offshore Specialties
businesses.
The main Submarine Power projects on which work was performed during the period were:
• the NeuConnect interconnector, the Thyrrenian Link, the ADNOC interconnector, the Egypt KSZ interconnector
and the now completed Viking Link between Great Britain and Denmark;
• offshore wind projects in the United States, namely Dominion and the now completed Vineyard Wind project;
• inter-array projects in France and Germany.
Sales in the period were generated by cable manufacturing activities at the Group’s industrial facilities (Pikkala in
Finland, Arco Felice in Italy and Nordenham in Germany) and installation activities forming part of project execution,
carried out using both its own assets and third-party equipment.
The High Voltage Underground business was in slight retreat, mainly due to the HV business not related to the German
Corridors.
Adjusted EBITDA for 2023 came to Euro 300 million, up from Euro 243 million in 2022.
The Projects segment recorded a double-digit margin of 12.0% in 2023, exceeding the prior year figure of 11.2%. These
results were mainly due to consistent execution and better mix of projects.

The Projects segment is key for energy transition processes, since, as a solution provider, it offers its customers a whole
range of solutions for the implementation of renewable energy production and distribution projects.
As evidence of this megatrend, the value of the Group’s Submarine Power order backlog has reached a record level of
Euro 8.3 billion, mainly consisting of:
• the Dominion contracts in North America, the DolWin4 and BorWin4 contracts for two systems that connect the
electricity grid to offshore wind farms in the German North Sea and the recently awarded Ijmuiden Ver contract;
• the Biscay Bay connection, lots of the new Thyrrenian Link and Saudi-Egypt contracts, the NeuConnect contract
for a submarine and land interconnector between the German and UK electricity grids, the Adriatic Link and the
recently awarded EGL1 contract.
The Group’s High Voltage order backlog is worth around Euro 2.5 billion, mostly consisting of the German Corridors
contracts.
Including the Submarine Telecom and Offshore Specialties businesses, the total order backlog of the Projects segment
is worth approximately Euro 11.1 billion
Review of Energy operating segment
Sales 11,357 12,033 -5.6% 9,557

1,182 968 22.1% 542
% of sales 10.4% 8.0% 5.7%
Adjusted EBITDA 1,188 974 22.0% 546
% of sales 10.5% 8.1% 5.7%
Adjustments (97) (52) (46)
EBITDA 1,091 922 18.2% 500
% of sales 9.6% 7.7% 5.2%
% of sales 8.6% 6.4% 3.8%
The Energy segment encompasses the Energy & Infrastructure and Industrial & Network Components businesses, as
better explained in the “Prysmian Business Model” chapter of this report.
Some of the businesses within this segment fall under the economic activities eligible for the purposes of the European
Taxonomy and, more specifically, activity 3.1 “Manufacture of renewable energy technologies”, activity 3.6 “Manufacture
of other low carbon technologies”, activity 3.18 “Manufacture of automotive and mobility components” and activity
3.20 “Manufacture, installation and servicing of high, medium and low voltage electrical equipment for electrical
transmission and distribution”, as explained in greater detail in the “European Taxonomy” chapter of this report.
Energy segment sales came to Euro 11,357 million, versus Euro 12,033 million in 2022, posting a negative change of Euro
676 million (-5.6%), the main components of which were as follows:
• negative organic sales growth of Euro 159 million (-1.3%);

• negative change of Euro 239 million (-2.0%) for exchange rate fluctuations;
• sales price decrease of Euro 278 million (-2.3%) for metal price fluctuations.
Adjusted EBITDA came to Euro 1,188 million, up from Euro 974 million in 2022, representing an increase of Euro 214
million (+22.0%), despite a negative exchange rate impact of Euro 29 million.
The marked increase on the previous year was mainly due to improved profitability in the Power Distribution and
Overhead Lines businesses, as well as better performance by all the applications in the Industrial & Network
Components division.
The Energy segment reported a margin of 10.5%, compared with 8.1% in the previous year.
The following paragraphs describe market trends and financial performance in each of the Energy operating segment’s
business areas.
Energy & infrastructure
Sales 7,620 8,196 -7.0% 6,361

838 731 14.7% 353
% of sales 11.0% 8.9% 5.5%
% of sales 11.1% 9.0% 5.6%
% of sales 9.2% 7.4% 3.7%
As better explained in the “Prysmian Business Model” chapter of this report, the Energy & Infrastructure business
incorporates:
1. Trade & Installers: the low-voltage product portfolio includes rigid and flexible cables for distributing power to and
within residential, commercial and industrial buildings;
2. Power Distribution: the product portfolio includes medium-voltage cable systems for both overhead and
underground installations (and all types of accessories and network components) for connecting industrial and/or
residential buildings to the primary distribution network, as well as low-voltage cable systems for power distribution.
The solutions are primarily designed to support power transmission and distribution by utilities and grid operators.
Energy & Infrastructure sales came to Euro 7,620 million in 2023, compared with Euro 8,196 million in 2022, posting a
negative change of Euro 576 million (-7.0%), the main components of which were as follows:

Energy & Infrastructure recorded negative organic sales growth of -2.7% in 2023. Despite the volume-related decline
in sales, the Power Distribution and Overhead Lines businesses performed strongly thanks to the megatrends
involving expansion of electricity transmission grids and development of renewable energy. Trade & Installers
experienced a slight downturn in volumes and price normalisation mainly in the North American market.
Given the factors described above, Adjusted EBITDA for 2023 came to Euro 843 million, versus Euro 736 million in the
previous year, representing an increase of Euro 107 million (+14.6%), despite a negative exchange rate impact of Euro
21 million. The Energy & Infrastructure business reported a margin of 11.1%, compared with 9.0% in the previous year.

Industrial & network components
Sales 3,358 3,442 -2.5% 2,838

360 251 43.1% 195
% of sales 10.7% 7.3% 6.9%
% of sales 10.8% 7.3% 6.9%
% of sales 8.8% 5.4% 4.9%
The Industrial & Network Components business incorporates products and cables for Specialties, Renewable & OEMs,
Elevators & Escalators, Automotive and Network Components, Oil & Gas and EOSS-Electronics and Optical Sensing
Solutions. For a better understanding of the business, please refer to the “ Prysmian Business Model” chapter of this
report.
Industrial & Network Components sales came to Euro 3,358 million in 2023, compared with Euro 3,442 million in 2022,
recording a negative change of Euro 84 million (-2.5%), the main components of which were as follows:
• positive organic sales growth of Euro 59 million (+1.7%);

Industrial & Network Components turned in a positive performance in 2023 thanks to overall improvement by all its
businesses, especially Renewables and OEM.
Given the factors described above, Adjusted EBITDA in 2023 came to Euro 361 million, up from Euro 252 million in
2022, representing an increase of Euro 109 million (+43.2%), after a negative exchange rate impact of Euro 8 million.
The Industrial & Network Components business reported a margin of 10.8%, having improved from 7.3% in the
previous year.
Other
(Euro/million) 2023 2022 2021
Sales 379 395 358

(16) (14) (6)
Adjusted EBITDA (16) (14) (6)
Adjusted operating income (20) (18) (10)
This business area encompasses occasional sales by Prysmian operating units of intermediate goods, raw materials or
other products forming part of the production process. These sales are normally linked to local business situations, do
not generate high margins and can vary in size and from period to period.
Review of Telecom operating segment
Sales 1,489 1,873 -20.5% 1,585

113 231 -51.0% 206
% of sales 7.6% 12.3% 13.0%
Adjusted EBITDA 140 271 -48.4% 220
% of sales 9.4% 14.5% 13.9%
Adjustments (28) (8) 9
EBITDA 112 263 -57.4% 229
% of sales 7.5% 14.0% 14.4%
Adjusted operating income 70 191 -63.5% 144
% of sales 4.7% 10.2% 9.1%
The Telecom segment encompasses the manufacture and development of a wide range of cable systems and
connectivity products used in telecommunication networks.
This segment consists of the following businesses: Fibre Optics, MMS Multimedia Specials and Telecom Solutions, as
better described in the “Prysmian Business Model” chapter of this report. Some of the businesses within this segment
qualify for classification in the economic activities eligible for the purposes of the European taxonomy, specifically, in
activity 3.6 “Manufacture of other low carbon technologies”, as explained in more detail in the “European Taxonomy”
chapter of this report.
Telecom segment sales came to Euro 1,489 million at the end of 2023, compared with Euro 1,873 million in 2022.
The negative change of Euro 384 million (-20.5%) is explained by:

• sales price decrease of Euro 3 million (-0.2%) for metal price fluctuations;
• negative change of Euro 26 million (-1.4%) for exchange rate fluctuations.
The 2023 slowdown in organic sales growth reflects a temporary downturn in the multimedia solutions business and
a decline in the copper and optical cables business mainly in the North American market.
Both the multimedia solutions business and the optical and copper cable business are suffering a slowdown due
to overstocking in our customers’ warehouses, the former in both Europe and America, the latter mainly in North
America.
Adjusted EBITDA for 2023 came to Euro 140 million, reporting a decrease of Euro 131 million (-48.4%) from Euro 271
million in 2022, especially due to lower volumes in the second half of the year mainly in the North American market
and to the recognition of one-off expenses in the fourth quarter.

Results by geographical area
Sales Adjusted EBITDA

(Euro/million)
2023 2022 2023 2022
EMEA(*) 6,043 6,381 433 311
North America 4,557 5,132 675 722
Latin America 1,236 1,275 137 120
Asia Pacific 1,010 1,118 83 92
Total (excluding Projects) 12,846 13,906 1,328 1,245
Projects 2,508 2,161 300 243
Total 15,354 16,067 1,628 1,488
(*) EMEA = Europe, Middle East and Africa
As stated in the Explanatory Notes to the current Integrated Annual Report, the Group’s operating segments are:
Energy, Projects and Telecom, reflecting the structure used in the periodic reports prepared to review business
performance. The primary performance indicator used in these reports, presented by macro type of business (Energy,
Projects and Telecom), is Adjusted EBITDA, defined as earnings (loss) for the period before non-recurring items, the fair
value change in derivatives on commodities and in other fair value items, amortisation, depreciation and impairment,
finance costs and income and taxes.
Although the primary operating segments remain those by business, in order to provide users of the financial statements
with information that is also more consistent with the Group’s geographical diversification, Sales and Adjusted EBITDA
have been reported above by geographical area, excluding the Projects business whose geographical breakdown
is unrepresentative. For this purpose, sales of goods and services are analysed geographically on the basis of the
location of the registered office of the company that issues the invoices, regardless of the geographic destination of
the products sold.
EMEA
EMEA region sales amounted to Euro 6,043 million in 2023, reflecting year-on-year negative organic growth of -1.7%.
Adjusted EBITDA came to Euro 433 million (Euro 311 million in 2022), reporting a margin on sales of 7.2% (4.9% in the
previous year). The improvement in Adjusted EBITDA and margins was mainly thanks to the positive performance of
Power Distribution, OEM and Renewables, as partially offset by a slowdown in Telecom.
Nord America
North America region sales amounted to Euro 4,557 million in 2023, reflecting year-on-year negative organic growth of
-5.9%. Adjusted EBITDA came to Euro 675 million (Euro 722 million in 2022), reporting a margin on sales of 14.8% (14.1%
in the previous year). The results were negatively impacted by Euro 22 million in exchange rate effects. North America
reported a major improvement in Power Distribution and Overhead Lines, which offset the slowdown in the Telecom
business and the price normalisation affecting Trade & Installers.
LATAM
LATAM region sales amounted to Euro 1,236 million in 2023, reflecting year-on-year negative organic growth of -6.0%.
Adjusted EBITDA came to Euro 137 million (Euro 120 million in 2022), reporting a margin on sales of 11.0% (9.4% in the
previous year). The improvement in margins was achieved thanks to good performance by Trade & Installers.
APAC
APAC region sales amounted to Euro 1,010 million in 2023, reflecting year-on-year negative organic growth of -2.3%.
Adjusted EBITDA came to Euro 83 million (Euro 92 million in 2022), reporting a margin on sales of 8.2%, in line with
2022. The overall results in APAC were stable despite Euro 7 million in negative exchange rate effects. In addition, the
contribution to profits by the associate Yangtze Optical Fibre and Cable was Euro 13 million less than in 2022.
Group statement of financial position
Reclassified statement of financial position
(Euro/million) 31.12.2023 31.12.2022 Change 31.12.2021(*)
Net fixed assets 5,709 5,583 126 5,307
Net working capital 518 614 (96) 650
Provisions and net deferred taxes (734) (680) (54) (662)
Net invested capital 5,493 5,517 (24) 5,295
Employee benefit obligations 333 329 4 446
Total equity 3,972 3,771 201 3,089
of which attributable to non-controlling interests 191 186 5 174
Total equity and sources of funds 5,493 5,517 (24) 5,295
(*) The previously published comparative figures have been after finalising the purchase price allocation of Omnisens S.A. and Eksa Sp.z.o.o
Net fixed assets
(Euro/million) 31.12.2023 31.12.2022 Change 31.12.2021(*)
Property, plant and equipment 3,401 3,020 381 2,794
Intangible assets 2,071 2,164 (93) 2,140
Equity-accounted investments 218 387 (169) 360
Other investments at fair value through

10 12 (2) 13
other comprehensive income
Assets and liabilities held for sale 9 - 9 -
Net fixed assets 5,709 5,583 126 5,307
(*) The previously published comparative figures were revised after finalising the purchase price allocation of Omnisens S.A. and Eksa Sp.z.o.o.
At 31 December 2023, net fixed assets amounted to Euro 5,709 million, compared with Euro 5,583 million at 31 December
2022, posting an increase of Euro 126 million mainly due to the combined effect of the following factors:
• Euro 624 million in net capital expenditure on property, plant and equipment and intangible assets;
• Euro 406 million in amortisation, depreciation and impairment for the period;
• Euro 153 million in increases for property, plant and equipment accounted for in accordance with IFRS 16;
• Euro 98 million in negative currency translation differences affecting the value of property, plant and equipment
and intangible assets;
• Euro 169 million in net decrease in the value of equity-accounted investments;
• Euro 15 million for monetary revaluations due to hyperinflation.

Net working capital
The following table analyses the main components of net working capital:
Inventories 2,264 2,241 23 2,054
Trade receivables 1,987 1,942 45 1,622
Trade payables (2,199) (2,718) 519 (2,592)
Other receivables/(payables) (1,527) (856) (671) (608)
Net operating working capital 525 609 (84) 476
Derivatives (7) 5 (12) 174
Net working capital 518 614 (96) 650
Net working capital of Euro 518 million at 31 December 2023 was Euro 96 million lower than the corresponding figure
of Euro 614 million at 31 December 2022. Net operating working capital, which excludes the value of derivatives,
amounted to Euro 525 million at 31 December 2023, remaining proportionately in line with the figure reported a year
earlier. In fact, as a percentage of annualised last-quarter sales, net working capital was 3.7%, in line with the prior year
figure of 3.8%.
Equity
The following table reconciles the Group’s equity and net profit/(loss) for 2023 with the corresponding figures reported
by Prysmian S.p.A., the Parent Company.
Equity Net profit/ Equity Net profit/

(Euro/million) at (loss) at (loss)
31.12.2023 2023 31.12.2022 2022
Parent Company Financial Statements 2,587 264 2,461 144
Share of equity and net profit of consolidated

subsidiaries, net of carrying amount of the related 1,542 674 1,416 638
investments
Reversal of dividends distributed to the Parent Company

- (340) - (243)
by consolidated subsidiaries
Deferred taxes on earnings/reserves distributable by

(115) (55) (60) (30)
subsidiaries
Elimination of intercompany profits and losses included

(27) 4 (31) 3
in fixed assets
Elimination of intercompany profits and losses included

(15) - (15) (3)
in inventories
Non-controlling interests (191) (18) (186) (5)
Consolidated Financial Statements 3,781 529 3,585 504
Net financial debt
The following table provides a detailed breakdown of net financial debt:
Long-term financial payables
CDP Loans 194 175 19 175
EIB Loans 135 245 (110) 110
Convertible Bond 2021 728 718 10 707
Sustainability-Linked Term Loan 2022 1,193 1,191 2 -
Term Loan - - - 998
Unicredit Loan - - - 200
Mediobanca Loan - 100 (100) 100
Intesa Loan - 150 (150) 150
Lease liabilities 234 156 78 158
Interest rate derivatives - - - 3
Other financial payables 4 9 (5) 8
Total long-term financial payables 2,488 2,744 (256) 2,609
Short-term financial payables
CDP Loans 103 1 102 -
EIB Loans 113 1 112 -
Non-convertible bond - - - 763
Convertible Bond 2017 - - - 250
Sustainability-Linked Term Loan 2022 25 6 19 -
Term Loan - - - 1
Unicredit Loan - 200 (200) -
Mediobanca Loan 100 - 100 -
Intesa Loan 151 1 150 -
Lease liabilities 70 58 12 53
Interest rate derivatives - - - 6
Forex derivatives on financial transactions 9 7 2 3
Other financial payables 46 56 (10) 56
Total short-term financial payables 617 330 287 1,132
Total financial liabilities 3,105 3,074 31 3,741
Long-term financial receivables 3 3 - 3
Long-term bank fees 4 - 4 1
Financial assets at amortised cost 3 3 - 3
Non-current interest rate derivatives 11 59 (48) -
Current interest rate derivatives 20 13 7 -
Current forex derivatives on financial transactions 2 3 (1) 3
Short-term financial receivables 22 8 14 12
Short-term bank fees 2 2 - 2
Financial assets at fair value through profit or loss 85 270 (185) 244
Financial assets at fair value through 24 11 13 11

Cash and cash equivalents 1,741 1,285 456 1,702
Total financial assets 1,917 1,657 260 1,981

Net financial debt of Euro 1,188 million at 31 December 2023 has decreased by Euro 229 million from Euro 1,417 million at
31 December 2022. As regards the principal factors behind the change in net financial debt, reference should be made
to the next section containing the “Statement of cash flows”.
Statement of cash flows
(Euro/million) 2023 2022 Change 2021
EBITDA 1,485 1,387 98 927
Changes in provisions (including employee benefit

82 15 67 19
obligations)
Net gains on disposal of fixed assets - (1) 1 (2)
Share of net profit/(loss) of equity-accounted companies (33) (47) 14 (27)
Net cash flow from operating activities

1,534 1,354 180 917
(before changes in net working capital)
Changes in net working capital 197 (105) 302 (28)
Taxes paid (328) (221) (107) (120)
Dividends from equity-accounted companies 13 10 3 8
Net cash flow from operating activities 1,416 1,038 378 777
Cash flow from acquisitions and/or disposals - (7) 7 (93)
Net cash flow used in operating investing activities (624) (452) (172) (275)
Free cash flow (unlevered) 792 579 213 409
Net finance costs (72) (71) (1) (79)
Free cash flow (levered) 720 508 212 330
Dividend distribution (165) (148) (17) (134)
Capital contributions and other changes in equity (4) - (4) 1
Net cash flow provided/(used) in the year 551 360 191 197
Opening net financial debt (1,417) (1,760) 343 (1,986)
Net cash flow provided/(used) in the year 551 360 191 197
Equity component of Convertible Bond 2021 - - - 49
Partial redemption of Convertible Bond 2017 - - - (13)
Increase in net financial debt for IFRS 16 (153) (58) (95) (63)
Net financial debt from acquisitions and divestments - - - 8
Other changes (169) 41 (210) 48
Closing net financial debt (1,188) (1,417) 229 (1,760)
Net financial debt of Euro 1,188 million at the end of 2023 is Euro 229 million lower than at the end of 2022 (Euro 1,417
million). This reduction was enabled by the free cash flow generated by the Group of Euro 724 million, excluding Euro
4 million in outflows for antitrust matters.
The net cash inflow of Euro 724 million was generated by:
a. Euro 1,538 million in net cash flow provided by operating activities before changes in net working capital;
b. Euro 197 million in cash inflows from the change in net working capital;
c. Euro 624 million in cash outflows for net capital expenditure;
d. Euro 328 million in tax payments;
e. Euro 72 million in payments of net finance costs;
f. Euro 13 million in dividends received from associates.
Alternative performance indicators

In addition to the standard financial reporting formats and indicators required under IFRS, this document contains a
number of reclassified statements and alternative performance indicators.
The purpose is to help users better evaluate the Group’s economic and financial performance.
Such reclassified statements and performance indicators should not however be treated as substitutes for the
accepted ones required by IFRS.
In this regard, on 3 December 2015, Consob adopted the ESMA guidelines in Italy with publication of “ESMA
Guidelines/2015/1415” which supersede the “CESR Recommendation 2005 (CESR/05-178b)”. The alternative performance
measures have therefore been revised in light of these guidelines.
The alternative indicators used for reviewing the income statement include:
• Adjusted operating income: operating income before income and expense for business reorganisation9, before
non-recurring items10, as presented in the consolidated income statement, before other non-operating income and
expense11 d before the fair value change in derivatives on commodities and in other fair value items. The purpose of
this indicator is to present the Group’s operating profitability without the effects of events considered to be outside
its recurring operations;
• EBITDA: operating income before the fair value change in derivatives on commodities and in other fair value items
and before amortisation, depreciation and impairment. The purpose of this indicator is to present the Group’s
operating profitability before the main non-monetary items;
• Adjusted EBITDA: EBITDA as defined above calculated before income and expense for business reorganisation,
before non-recurring items, as presented in the consolidated income statement, and before other non-operating
income and expense. The purpose of this indicator is to present the Group’s operating profitability before the main
non-monetary items, without the effects of events considered to be outside the Group’s recurring operations;
• Adjusted EBITDA before share of net profit/(loss) of equity-accounted companies: Adjusted EBITDA as defined
above calculated before the share of net profit/(loss) of equity-accounted companies;
• Organic growth: growth in sales calculated net of changes in the scope of consolidation, changes in metal prices
and exchange rate effects.
The alternative indicators used for reviewing the reclassified statement of financial position include:
• Net fixed assets: sum of the following items contained in the statement of financial position:
– Intangible assets
– Property, plant and equipment
– Equity-accounted investments
– Other investments at fair value through other comprehensive income
– Assets held for sale involving Land and Buildings (excluding financial assets and liabilities held for sale)
9 Income and expense for business reorganisation: these refer to income and expense that arise as a result of the closure of production facilities and/or as a result of
projects to optimise organisational structure;
10 Non-recurring income and expense: these refer to income and expense related to unusual events that have not affected profit or loss in past periods and are not likely
to affect the results in future periods;
11 Other non-operating income and expense: these refer to income and expense that management considers should not be taken into account when measuring business
performance.

• Net working capital: sum of the following items contained in the statement of financial position:
– Inventories
– Trade receivables
– Trade payables
– Other non-current receivables and payables, net of long-term financial receivables classified in net financial debt
– Other current receivables and payables, net of short-term financial receivables classified in net financial debt
– Derivatives, net of interest rate and forex risk hedges of financial transactions classified in net financial debt
– Current tax payables
– Current assets and current liabilities held for sale
• Net operating working capital: net working capital, as defined above, net of derivatives not classified in net
financial debt.
• Provisions and net deferred taxes: sum of the following items contained in the statement of financial position:
– Provisions for risks and charges – current portion
– Provisions for risks and charges – non-current portion
– Provisions for deferred tax liabilities
– Deferred tax assets
• Net invested capital: sum of Net fixed assets, Net working capital and Provisions.
• Employee benefit obligations and Total equity: these indicators correspond to Employee benefit obligations and
Total equity reported in the statement of financial position.
• Net financial debt: sum of the following items:

– Borrowings from banks and other lenders – non-current portion
– Borrowings from banks and other lenders – current portion
– Derivatives on financial transactions recorded as Non-current derivatives and classified under Long-term
financial receivables
– Derivatives on financial transactions recorded as Current derivatives and classified under Short-term financial
receivables
– Derivatives on financial transactions recorded as Non-current derivatives and classified under Long-term
financial payables
– Derivatives on financial transactions recorded as Current derivatives and classified under Short-term financial
payables
– Medium/long-term financial receivables recorded in Other non-current receivables
– Loan arrangement fees recorded in Other non-current receivables
– Short-term financial receivables recorded in Other current receivables
– Loan arrangement fees recorded in Other current receivables
– Financial assets at amortised cost
– Financial assets at fair value through profit or loss
– Financial assets at fair value through other comprehensive income
– Cash and cash equivalents
Reconciliation between the Reclassified Statement of Financial Position presented in the Directors’ Report and
the Statement of Financial Position contained in the Consolidated Financial Statements and Explanatory Notes at
31 December 2023
31.12.2023 31.12.2022
(Euro/million) As per As per

Note financial financial
statements statements
Total net fixed assets A 5,709 5,583
Inventories 6 2,264 2,241
Trade receivables 5 1,987 1,942
Trade payables 13 (2,199) (2,718)
Other receivables 5 1,090 1,012
Other payables 13 (2,522) (1,722)
Current tax payables (64) (133)
Derivatives 8 17 73
Items not included in net working capital:
Financial receivables 5 25 11
Prepaid finance costs 5 6 2
Interest rate derivatives 8 31 72
Forex derivatives on financial transactions 8 (7) (4)
Total net working capital B 518 614
Provisions for risks and charges 14 (811) (696)
Deferred tax assets 16 299 203
Deferred tax liabilities 16 (222) (187)
Total provisions C (734) (680)
Net invested capital D=A+B+C 5,493 5,517
Employee benefit obligations E 15 333 329
Total equity F 11 3,972 3,771
Borrowings from banks and other lenders 12 3,096 3,067
Financial assets at amortised cost (3) (3)
Financial assets at fair value through profit or loss 4 (85) (270)
Financial assets at fair value through other comprehensive

7 (24) (11)
income
Cash and cash equivalents 9 (1,741) (1,285)
Financial receivables 5 (25) (11)
Prepaid finance costs 5 (6) (2)
Interest rate derivatives 8 (31) (72)
Forex derivatives on financial transactions 8 7 4
Net financial debt G 1,188 1,417
Total equity and sources of funds H=E+F+G 5,493 5,517

Reconciliation between the principal income statement indicators and the Income Statement contained in the
Consolidated Financial Statements and Explanatory Notes for 2023
2023 2022
(Euro/million)
As per As per
income statement income statement
Sales A 15,354 16,067
Change in inventories of finished goods and work in progress 52 (30)
Other income 70 70
Raw materials, consumables and supplies (9,705) (10,588)
Personnel costs (1,804) (1,758)
Other expenses (2,572) (2,525)
Operating costs B (13,959) (14,831)
Share of net profit/(loss) of equity-accounted companies C 33 47
Fair value share-based payment D 57 104
EBITDA E = A+B+C+D 1,485 1,387
Other non-recurring expenses and revenues F (9) (47)
Personnel costs for business reorganisations G (11) (6)
Other expenses and revenues for business reorganisations H (37) (5)
Other non-operating expenses I (86) (43)
Total adjustments to EBITDA L = F+G+H+I (143) (101)
Adjusted EBITDA M = E-L 1,628 1,488
Share of net profit/(loss) of equity-accounted companies N 33 46

O = M-N 1,595 1,442
2023 2022
(Euro/million)
As per income As per income
statement statement
Operating income A 860 849
Other non-recurring expenses and revenues (9) (47)
Personnel costs for business reorganisations (11) (6)
Other expenses and revenues for business reorganisations (37) (5)
Other non-operating expenses (86) (43)
Total adjustments to EBITDA B (143) (101)
Fair value change in derivatives on commodities C 6 (31)
Fair value share-based payment D (57) (104)
Non-recurring impairment and releases E (216) (34)
Adjusted operating income F=A-B-C-D-E 1,270 1,119
12. Risk factors
Prysmian Risk Model

Prysmian’s value creation policy has always been based on effective management of risks and opportunities. Since
2012, by adopting the provisions on risk management introduced by the “Italian Stock Exchange Corporate Governance
Code for Listed Companies” (Corporate Governance Code), Prysmian has taken the opportunity to strengthen its
governance model and implement an evolving system of Risk Management that promotes proactive management
of risks and opportunities using a structured and systematic tool to support the main business decision-making
processes.
In fact, this Enterprise Risk Management (ERM) model, developed in line with internationally recognised models
and best practices, such as the Committee of Sponsoring Organizations of the Treadway Commission (COSO) and
ISO 31000, enables the Board of Directors and management to make informed assessments of risk scenarios that
could jeopardise the achievement of strategic objectives, and to adopt additional tools able to anticipate, mitigate or
manage significant exposures and to pursue opportunities, in line with the Group’s Risk Appetite, defined as the type
and extent of risk that Prysmian is able and willing to assume.
The Group Chief Risk Officer (CRO), designated to manage the ERM process, is responsible for ensuring, together with
management, that the main risks/opportunities facing Prysmian and its subsidiaries are promptly identified, assessed,
managed and monitored over time.
During periodic meetings with the Control and Risks Committee, consisting of non-executive members of the Board
of Directors, the CRO updates the Committee on the findings of the analyses and actions taken, as well as about any
developments in the Group’s ERM programme. Prior to doing so the CRO will report to an internal risk management
committee consisting of the Group’s senior management.
The Control and Risks Committee is also updated, at least once a year, on any new issues for which more in-depth
training or education is needed, including new tools and methods for risk management and monitoring.
Reference should be made to the “Corporate Governance” section of this report for a discussion of the governance
structure adopted and the responsibilities designated to the bodies involved.
Reference should be made to the “Corporate Governance” section of this report for a discussion of the governance
structure adopted and the responsibilities designated to the bodies involved.
The ERM model adopted (and formalised within the Group ERM Policy which incorporates the guidelines for the Internal
Control and Risk Management System approved by the Board of Directors back in 2014) follows a top-down approach,
meaning it is directed by Senior Management and medium/long-term business objectives and strategies.
It extends to all the types of potentially significant risks/opportunities for the Group, represented in the Risk Model -
shown in the figure below - that uses five categories to classify the risks of an internal or external nature characterising
the Prysmian business model:
• Strategic Risks: risks arising from external or internal factors such as changes in the market environment, from
bad and/or improperly implemented corporate decisions and from failure to react to changes in the competitive
environment, which could therefore threaten the Group’s competitive position and achievement of its strategic
objectives;
• Financial Risks: risks associated with the quantity of financial resources available and with the ability to manage
currency and interest rate volatility efficiently;
• Operational Risks: risks arising from the occurrence of events or situations that, by limiting the effectiveness and
efficiency of key processes, affect the Group’s ability to create value;
• Legal and Compliance Risks: risks related to violations of national, international and industry-specific legal and
regulatory requirements, and to unprofessional conduct in conflict with company ethics, exposing the Group to
possible penalties and undermining its reputation in the marketplace;
• Planning and Reporting Risks: risks related to the adverse effects of disclosing incomplete, incorrect and/or
untimely information with possible impacts on the Group’s strategic, operational and financial decisions.

Strategic Financial Operational
Macroeconomic and demand Commodity price volatility Sales & Tendering
trends & Competitive Exchange rate volatility Production Capaccity/Efficiency
environment
Commodity interest rate volatility Supply Chain Capacity/Efficiency
Stakeholder expectations
Financial instruments Business interruption/
and Corporate Social
Credit risk Catastrophic events
Responsibility
Key customers & business Liquidy risk / Working Capital risk Contract execution/Liabilities
partners Capital availability / cost risk Product quality/Liabilities
Emerging country risk Financial counterparties Environmental
Law & regulation evolution Information Technology
Research & Development Human Resources
M&A/JVs and integration process Outsourcing
Operating CAPEX
Strategy implementation
Organisational
framework & governance
Legal & Compliance Planning & Reporting

lntellectual Property rights Budgeting & Strategic planning
Compliance with laws and regulations Tax & Financial planning
Compliance with Code of Ethics, Management reporting - Financial reporting
Policies & Procedures
Members of management involved in the ERM process are required to use a clearly defined common method to
measure and assess specific risk events in terms of Impact, Probability of occurrence and adequacy of the existing
Level of Risk Management, meaning:
• economic-financial impact on expected EBITDA or cash flow, net of any insurance coverage and countermeasures
in place, and/or qualitative impact on reputation and/or operational efficiency/continuity and sustainability,
measured on a scale that goes from minor (1) to very high (4);
• probability that a particular event may occur, measured on a scale going from remote (1) to probable (4);
• level of control, meaning the maturity and efficiency of existing risk management systems and processes,
measured on a scale that goes from adequate (green) to inadequate/non-existent (red).
The overall assessment must also take into account the future outlook for risk, i.e. the possibility that the exposure is
increasing, constant or decreasing over the period considered.
The results of measuring exposure to the risks analysed are then represented on a 4x4 heat map, which, by combining
the variables in question, provides an immediate picture of the most significant risk events.
Risk assessment criteria
Risk Risk
assessment criteria
assessment criteria
High
VeryHigh
Very
Assessment
Assessment criteria
criteria
Impact
Impact
Probability
Probability
High
Level of Control
High
Level of Control
Impact
Impact
Level of Risk Management
Moderate
Level of Risk Management
Moderate
Risk NOT ADEQUATELY
Riskunderstood and/or managed
NOT ADEQUATELY
understood and/or managed
Risk understood
and/or
Risk managed
understood
Minor
with ROOM FOR IMPROVEMENT
and/or managed
Minor
with ROOM FOR IMPROVEMENT
Risk ADEQUATELY
understood
Riskand/or
ADEQUATELY
managed
Remote Low Medium Probable
understood Probability Medium

Remote Low Probable
and/or managed
Probability
This overall picture of the Group’s risks allows the Board of Directors and Management to reflect upon the level of
the Group’s risk appetite, and so identify the risk management strategies to adopt, by assessing which risks and with
what priority it is thought necessary to implement, improve and optimise mitigation actions or simply to monitor the
exposure over time. The adoption of a particular risk management strategy, however, depends on the nature of the risk
event identified, so in the case of:
• external risks outside the Group’s control, it will be possible to implement tools that support the assessment of
scenarios should the risk materialise, by defining the possible action plans to mitigate impacts (e.g. continuous
monitoring activities, stress testing of the business plan, taking out of insurance coverage, disaster recovery plans,
and so on);
• risks partially manageable by the Group, it will be possible to intervene through systems of risk transfer, monitoring
of specific indicators of risk, hedging activities, and so on;
• internal risks manageable by the Group, it will be possible, as risks inherent in the business, to take targeted
actions to prevent risk and minimise impacts by implementing an adequate system of internal controls and related
monitoring and auditing.
ERM is a continuous process that forms part of the Group’s strategic planning process through identifying potential
events that could affect its sustainability, and which is updated annually with the involvement of key members of
management.
In 2023, this process involved the Group’s key business/function managers, allowing the most significant risk factors
to be identified, assessed and managed, including sustainability and climate change issues, aimed at ensuring lasting
value creation for shareholders and stakeholders.
In particular, as early as 2021, the Group, with the extensive involvement of its management, had embarked upon a
detailed analysis of the topic of climate change and energy transition.
This work, developed in accordance with the requirements of the framework of the Task Force on Climate-
related Financial Disclosures (TCFD) and updated annually, has made it possible to identify and assess the risks
to monitor and opportunities to pursue in the short, medium and long term, arising from the transition being
driven by increasingly stringent decarbonisation policies. Further information on the analysis, assessment and
management of climate change risks and opportunities can be found in the specific and separately published
TCFD Report 2023.

Last but not least, special attention is also being given to the issue of artificial intelligence, a technology that can offer
significant opportunities in various fields of application. Harnessing its potential would result in the achievement of a
major competitive advantage.
On the other hand, the increasingly widespread use of this technology is one of the emerging risks to be faced in the
coming years, partly due to algorithmic bias, faulty data, lack of sources and evidence of the data used.
Developing an AI adoption strategy, establishing corporate policies and guidelines for use, along with training and
education, are the pillars of an effective plan to manage the risks and opportunities.
The main risk factors to which the Group’s particular type of business model is exposed will now be presented according
to the five-category classification (strategic, financial, operational, legal and compliance and planning and reporting)
used in the Risk Model described earlier, along with an outline of the strategies adopted to mitigate these risks.
Among the main risk factors, those related to ESG (Environment, Social, Governance) issues have also been assessed
and reported, taking into account the Group’s latest update of its materiality matrix for the purposes of the Non-
Financial Statement. More details can be found in the specific section of the Non-Financial Statement.
With regard to financial risks, these are discussed in more detail in the Explanatory Notes to the Consolidated Financial
Statements (Financial Risk Management). As stated in the Explanatory Notes to the Consolidated Financial Statements
(Basis of preparation), the Directors have assessed that there are no financial, operating or other kind of indicators that
might provide evidence of the Group’s inability to meet its obligations in the foreseeable future and particularly in the
next 12 months.
In particular, based on its financial performance and cash generation in recent years, as well as its available financial
resources at 31 December 2023, the Directors believe that, barring any unforeseeable extraordinary events, there are
no material uncertainties that could cast significant doubts upon the business’s ability to continue as a going concern.
Strategic risks
Risks associated with the competitive environment
Many of the products offered by Prysmian, primarily in the Trade & Installers and Power Distribution businesses,
are made in conformity with specific industrial standards and so are interchangeable with those offered by major
competitors. Price is therefore a key factor in customer choice of supplier. The entry into mature markets (e.g. Europe)
of non-traditional competitors, meaning small to medium manufacturing companies with low production costs, and
the need to saturate production capacity, together with the possible occurrence of a contraction in market demand,
translate into strong competitive pressure on prices, with possible consequences for the Group’s expected margins.
Moreover, despite the existence of certain barriers to entry (such as those related to ownership of technology and
know-how), high value-added businesses like high voltage underground and submarine cables and optical cables
are seeing an escalation in competition both from existing operators and from new players, not necessarily from the
industry but with leaner more flexible organisational models, and/or significant financial resources, with a potentially
negative impact on both the Group’s sales volumes and prices.
Prysmian may be unable either to reduce its costs sufficiently to offset the reduction in demand and the increased
pressure on prices, or to effectively limit the greater competition from both new entrants and existing players, which
could have a material adverse effect on its economic and financial condition and/or results of operations.
In addition, the acceleration of technological innovation observed in recent years, with an increasingly widespread use
of renewable energy and a shift towards digitalisation, also fostered by the Covid-19 pandemic, represents another area
of competition in the medium and long term.
The strategy of rationalising manufacturing footprint currently in progress, the consequent optimisation of cost
structure, the policy of geographical diversification and, last but not least, the ongoing pursuit of innovative
technological solutions, all help the Group to address the potential effects arising from the competitive environment.
Risks associated with changes in macroeconomic conditions and demand

Factors such as trends in GDP and interest rates, the ease of borrowing, the cost of raw materials, and the general level of
energy costs, significantly influence market demand. In such circumstances, government incentives for alternative energy
sources and to develop telecommunication networks could diminish.
Shortages of equipment, materials and labour in some sectors could hamper the production of goods, causing delays
in contract execution and holding back economic recovery. Economic downturns could have negative impacts on the
financial condition and results of operations of Prysmian.
To counter this risk, the Group pursues a policy of geographical diversification on the one hand and a strategy of cost
reduction on the other.
In addition, the Group constantly monitors developments on the global geopolitical stage which, as a result - for
example - of the introduction of specific industrial policies by individual countries, could require it to revise existing
business strategies and/or adopt mechanisms to safeguard its competitive position.
Key customer dependence riskse

The many and diverse types of customers (power transmission and telecom systems operators, distributors, installers,
etc.) and their distribution across an equally wide number of different countries mitigate customer dependence risk
at a group level.
Risk of instability in the Group’s countries of operation

Prysmian operates and has production facilities and/or companies in Asia, Latin America, the Middle East, Africa and
Eastern Europe. The Group’s operations in these countries are exposed to different risks linked to local regulatory and
legal systems, the imposition of tariffs or taxes, exchange rate volatility, and political and economic instability affecting
the ability of business and financial partners to meet their obligations.
Some of the Group’s facilities, particularly in certain locations, are at greater risk of experiencing economic and political
destabilisation, international conflicts, restrictive actions by foreign governments, nationalisation or expropriation,
and changes in regulatory requirements. Other difficulties could arise from having to contend with terrorist activities,
natural disasters, the introduction of adverse tax laws as well as the development of potential pandemics in countries
that do not have the resources to deal with such outbreaks.
Significant changes in the macroeconomic, political (for instance, the current geopolitical crises, like the one between
Russia and Ukraine and that in the Middle East), fiscal or legislative environment in such countries could have an adverse
impact on the Group’s business, results of operations, assets and financial condition. Consequently, as mentioned in
the preceding paragraphs, the Group constantly monitors developments on the global geopolitical stage that could
require it to revise existing business strategies and/or to adopt mechanisms to safeguard its competitive position and
performance.
Risks related to acquisitions and disposals

The Group reviews potential acquisition targets on an ongoing basis and whenever it acquires new companies, their
integration may pose challenges, particularly if management information and accounting systems are substantially
different from those used elsewhere in the Group. It is also possible that unforeseen problems may be encountered in
one or more of the acquired entities.
In addition, the Group may have to incur additional debt to finance acquisitions.
Prysmian may also dispose of some of its businesses through M&A transactions, themselves subject to
uncertainty. Agreements entered into as part of disposal transactions typically provide for mutual obligations as
well as representations and warranties and seller obligations to indemnify the buyer for any liabilities arising from
the breach of such representations and warranties. In addition, such agreements typically contain conditions
precedent that must be satisfied prior to completion, otherwise triggering the buyer’s termination rights, meaning
that there is no guarantee that outstanding transactions not yet completed will actually be concluded within the
specified timeframe.
Financial risks
Risks associated with availability of financial resources and their cost
The volatility of the international banking and financial system could be a potential risk factor in terms of obtaining
finance and its associated cost. In addition, failure to comply with the financial and non-financial covenants contained
in the Group’s credit agreements could limit its ability to increase its net indebtedness, other factors remaining equal.
In fact, should it fail to satisfy one of these covenants, this would trigger a default event which, unless resolved under
the terms of the respective agreements, could lead to their termination and/or early repayment of any credit drawn

down. In such a situation, the Group might be unable to repay the amounts demanded early, in turn giving rise to a
liquidity risk.
Given the current amount of cash and cash equivalents and undrawn committed credit lines, totalling about Euro
2,8 million at 31 December 2023, and six-monthly monitoring12 of financial covenant compliance (fully satisfied at
31 December 2023), the Group is of the opinion that it has significantly mitigated this risk and that it is capable of
raising sufficient financial resources at a competitive cost. A more detailed analysis of the risk in question, including
a description of the Group’s principal sources of finance, can be found in the Explanatory Notes to the Consolidated
Financial Statements.
Exchange rate volatility

Prysmian operates internationally and is therefore exposed to exchange rate risk on the currencies of the different
countries in which it operates. Exchange rate risk occurs when future transactions or assets and liabilities recognised in
the statement of financial position are denominated in a currency other than the functional currency of the company
which undertakes the transaction.
To manage exchange rate risk arising from future trade transactions and from the recognition of foreign currency
assets and liabilities, most Prysmian companies use forward contracts arranged by Group Treasury, which manages
the various positions in each currency.
However, since Prysmian prepares its consolidated financial statements in Euro, fluctuations in the exchange rates
used to translate the financial statements of subsidiaries, originally expressed in a foreign currency, could affect the
Group’s results of operations and financial condition. Exchange rate volatility is monitored both locally and centrally,
by the Group Finance department, also using specific indicators designed to intercept potential risk situations which,
when deemed to exceed the defined tolerance limits, will trigger immediate mitigating actions.
A more detailed analysis of the risk in question can be found in the “Financial Risk Management” section of the
Explanatory Notes to the Consolidated Financial Statements.
Interest rate volatility

Changes in interest rates affect the market value of Prysmian’s financial assets and liabilities as well as its net
finance costs. The interest rate risk to which the Group is exposed is mainly on long-term financial liabilities, carrying
both fixed and variable rates. Fixed rate debt exposes the Group to a fair value risk. The Group does not operate
any particular hedging policies in relation to the risk arising from such contracts since it considers this risk to be
immaterial. Variable rate debt exposes the Group to a rate volatility risk (cash flow risk).
In order to hedge this risk, the Group uses Interest Rate Swaps (IRS), which transform the variable rate into a fixed
rate, thus reducing the risk caused by interest rate volatility. IRS contracts make it possible to exchange on specified
dates the difference between the fixed rates contracted and the variable rate calculated with reference to the loan’s
notional value. A potential rise in interest rates, from the record lows reached in recent years, could represent a risk
factor in coming quarters.
Credit risk
Credit risk is represented by Prysmian’s exposure to potential losses arising from the failure of business or financial
partners to discharge their obligations. This risk is monitored centrally by the Group Finance department, while
customer-related credit risk is managed operationally by the individual subsidiaries.
The Group does not have any excessive concentrations of credit risk but given the economic and social difficulties
faced by some countries in which it operates, the exposure could undergo a deterioration that would require closer
monitoring. Accordingly, the Group has procedures in place to ensure that its business partners are of proven
reliability and that its financial partners have high credit ratings. In addition, in mitigation of credit risk, the Group
has a global trade credit insurance program covering almost all its operating companies; this is managed centrally
by the Risk Management function, which monitors, with the assistance of the Group’s Credit Management function,
the level of exposure to risk and intervenes when tolerance limits are exceeded due to difficulty in finding coverage
on the market.
12 The financial covenants are measured at the half-year reporting date of 30 June and at the full-year reporting date of 31 December.
It should be noted that credit risk was not particularly impacted during 2023 by the ongoing conflicts in Europe and
the Middle East.
Liquidity risk
Liquidity risk indicates the sufficiency of an entity’s financial resources to meet its obligations to business or financial
partners on the agreed due dates.
With regard to Prysmian’s working capital cash requirements, these increase significantly during the first half of the
year when it commences production in anticipation of order intake, with a consequent temporary increase in net
financial debt.
Prudent management of liquidity risk involves the maintenance of adequate levels of cash, cash equivalents and
short-term securities, the availability of sufficient committed credit lines, and timely renegotiation of loans before
their maturity. Given the dynamic nature of the business in which Prysmian operates, the Group Finance department
prefers flexible forms of funding in the form of committed credit lines.
At 31 December 2023, the Group’s cash and cash equivalents and undrawn committed credit lines totalled about Euro
3 billion.
Commodity price volatility risk

The Group’s operating results could be affected by changes in the prices of commodities and strategic materials (such
as copper, aluminium, lead, resins and polyethylene compounds as well as fuels and energy), which are subject to
market volatility.
The main commodities purchased by the Group are copper, aluminium and lead, accounting for more than 50% of the
total raw materials used to manufacture its products. The Group neutralises the impact of possible variations in the
price of copper, aluminium and, although less significant, lead through hedging activities and automatic sales price
adjustment mechanisms. Hedging activities are based on sales contracts or sales forecasts, which if not met, could
expose the Group to the risk of price volatility in the underlying assets.
A dedicated team within the Group Purchasing department monitors and coordinates centrally those sales transactions
requiring the purchase of metals and the related hedging activities carried out by each subsidiary, ensuring that the
level of exposure to risk is kept within defined tolerance limits.
Risks associated with meeting pension plan obligations

Group companies have defined benefit pension plans in place throughout the world, into which they are required
to pay specific contributions. Under these plans, the Group is obliged to provide a defined level of benefits to plan
participants, and is therefore subject to the risk that the related assets are insufficient to cover the benefits.
If a fund is in deficit, its managing trustee it will require Prysmian to fund the plan. In addition, the Group may be called
upon to advance substantial contributions or provide further financial support to certain plans if their creditworthiness
declines or if beneficiaries withdraw en masse from the plans and require immediate coverage of their deficits.
The Group has taken measures to mitigate its exposure to these risks, including by preventing new participants
from joining funded plans and requiring ongoing contributions from the original beneficiaries, but there can be no
assurance that these measures will be sufficient to mitigate the relevant risks. The costs of defined benefit pension
plans are determined on the basis of a number of actuarial assumptions, including an expected long-term rate of
return on assets and a discount rate. The use of these assumptions makes pension expense and cash contributions
subject to volatility from year to year.
A more detailed analysis of this risk can be found in the note on “Employee benefit obligations” within the Explanatory
Notes to the Consolidated Financial Statements.

Operational risks
Liability for product quality/defects
Possible defects in the design and manufacture of Prysmian’s products could give rise to civil or criminal liability
towards its customers or third parties.
Therefore, the Group, like other companies in the industry, is exposed to the risk of product liability legal actions in its
countries of operation. In line with the practice followed by many industry operators, the Group has taken out insurance
which it considers provides adequate protection against the risks arising from such liability. Should such insurance
coverage prove insufficient, the Group’s results of operations and financial condition could be adversely affected.
In addition, the Group’s involvement in this kind of legal action and any negative outcome could expose it to reputational
damage, with potentially further adverse consequences for its results of operations and financial condition.
Risks associated with failure to meet contractual conditions in turnkey projects

Turnkey projects involve operational and management complexities that can affect delivery times, the quality of the
cables produced, the costs estimated at the contractual stage and, consequently, the agreed consideration and any
costs of warranties.
The Group uses the percentage of completion method to account for such projects, whereby the margins recognised
in its financial statements depend on a project’s progress and its estimated margins at completion. Consequently,
work in progress and margins on incomplete projects may not be recognised correctly if the revenues and costs of
completion, including any contractual variations and cost overruns and penalties that might reduce expected margins,
have not been estimated correctly.
The percentage of completion method requires the Group to estimate the costs of project completion and involves
making estimates based on factors that could change over time and therefore have a significant impact on the
recognition of revenues and margins.
Although the Group has policies and procedures designed to manage and monitor the implementation of each
project, there can be no assurance that such problems will not arise. This could have a material adverse effect on the
Group’s business, financial condition and/or results of operations.
Specifically, projects for high/medium voltage submarine or underground power cables are characterised by types of
contract entailing “turnkey” or end-to-end project management that therefore demands compliance with deadlines
and quality standards, guaranteed by penalties calculated as an agreed percentage of the contract value and that can
even result in contract termination if the Group (or its subcontractors and/or other third parties used by the Group in
the execution of these projects) fails to comply with specific deadlines and quality standards.
The application of such penalties, the obligation to pay damages, as well as indirect effects on the supply chain in
the event of late delivery or manufacturing problems, could significantly affect project performance and hence the
Group’s margins. Possible damage to market reputation cannot be ruled out.
Given the complexity of turnkey projects, Prysmian has implemented a quality management process involving
an extensive series of tests on cables and accessories before delivery and installation, as well as specific insurance
coverage, often through insurance syndicates, to mitigate exposure to risks starting from the manufacturing stage
through to delivery.
In addition, the ERM assessments for this particular risk have led the Risk Management function, with the support of
the Sales department, to implement a systematic process of Project Risk Assessment for all turnkey projects, involving
the assignment of a Project Risk Manager, right from the bidding stage, with the aim of identifying, assessing and
monitoring over time the Group’s exposure to specific risks and of foreseeing the necessary mitigation actions. The
decision to present a bid proposal to a customer will therefore also depend on the results of risk assessment.
Management periodically assesses completed and ongoing contracts, analysing the risks involved, including a
potential domino effect on the order backlog.
In particular, a scenario/sensitivity analysis is carried out, which also examines the unavailability of strategic assets
(vessels and manufacturing facilities), in order to analyse their potential impact on the entire project portfolio and
implement appropriate mitigation actions.
The Group has set aside specific provisions for such risks that represent the best estimate of the related liabilities based
on available information.
Business interruption risk due to dependence on key assets
The submarine cables business is heavily dependent on certain key assets, particularly the plants in Pikkala (Finland)
and Arco Felice (Italy) for the production of a particular type of cable, and the cable-laying vessels owned by the Group
(the “Giulio Verne” and the “Leonardo da Vinci”), some of whose technical capabilities are hard to find on the market.
The loss, if only partial, of one of these assets due to unforeseen natural events (e.g. earthquakes, storms, etc.) or other
incidents (e.g. fire, terrorist attacks, etc.) and the consequent prolonged business interruption could have a critical
economic impact on the Group’s performance.
Such assessment is conducted through scenario/sensitivity analysis, as also described in the previous section.
Prysmian addresses asset dependency risk by having:
• a systematic Loss Prevention program, managed centrally by the Risk Management function, which, through
periodic on-site inspections, makes it possible to assess the adequacy of existing systems of protection and to
decide any necessary remedial actions to mitigate the estimated residual risk. As at 31 December 2023, the Group’s
operating plants were sufficiently protected and there were no significant risk exposures. Almost all the plants
have been classified as “Excellent Highly Protected Rated (HPR)”, “Good HPR” or “Good not HPR”, in accordance
with the methodology defined by internationally recognised best practices in the field of Risk Engineering & Loss
Prevention; limited exceptions, in a defined geographical area, have been classified as “Fair”, for which a plan for
improvement and progress monitoring has therefore been initiated and is still ongoing;
• specific disaster recovery & business continuity plans that make it possible to activate, as quickly as possible,
the countermeasures required to contain the impact following a catastrophic event and manage any resulting
crisis;
• specific insurance schemes covering damage to assets and loss of associated contribution margin due to business
interruption, so as to minimise the financial impact of this risk on cash flow.
Construction of a new vessel named “Monna Lisa”, a sister to the “Leonardo da Vinci”, was announced in 2022 and is
currently in progress with the new vessel due to enter service in 2025.
Key supplier dependence risks

In carrying out its operations, Prysmian uses numerous suppliers of goods and services, some of which are important
suppliers of raw materials like, for example, certain metals (copper, aluminium and lead) and some polymer compounds,
especially in the high voltage and submarine cables business.
Dependence on key suppliers obviously constitutes a risk in the event of delivery problems, quality issues or price
rises, especially in a context like present, where the pandemic, recent geopolitical crises and even localised events
have clearly demonstrated the vulnerability of a complex and now globalised supply chain. In particular, for certain raw
material suppliers, Prysmian is potentially exposed to their industrial risk (fire, explosion, flood, etc.).
The risk is also assessed through scenario/sensitivity analyses, which look at the unavailability of a given raw material
and its impact on the Group’s business.
With the objective of preventing and mitigating these risks, the Group has a well-established qualification system to
select and work with reliable suppliers of goods and services and, where possible, identify possible alternatives, thus
avoiding single-source situations.
The mitigation strategy is therefore based on partnerships with a number of key suppliers aimed at reducing the
Group’s exposure to supply shortages, on close monitoring of their performance and on projects and investments in
R&D to develop alternative technical solutions.
Risks of dependence on key distributors and resellers for the non-exclusive sale
of the Group’s products
Distributors and resellers account for a significant portion of the Group’s sales. These distributors and resellers are not
contractually obliged to purchase the Group’s products on an exclusive basis. Therefore, they may purchase competitor
products or cease to purchase the Group’s products at any time. The loss of one or more major distributors could have
a material adverse effect on the Group’s business, financial condition and/or results of operations.
ESG-related risks are discussed in the Non-Financial Statement and the TCFD Report 2023.

Legal and compliance risks
Risks related to changes in industry standards and legal requirements
Group companies are required to comply with specific federal, state, local and foreign legal and regulatory requirements,
as well as certain industry standards. Changes in applicable laws and regulations may affect the growth of the markets
in which the Group operates. Growth in the cable industry is partly due to legislation on energy and alternative and
renewable energy sources, as well as to incentives for investing in utilities and infrastructure. It is not foreseeable
whether, in the future, there will be legislative changes and/or industry standards that are detrimental to the Group’s
business. Although the Group’s business is managed to mitigate such risks, there can be no assurance that changes
in applicable standards, laws and regulations will not result in significant costs, which could have a material adverse
effect on the Group’s business, financial condition and/or results of operations.
Planning and reporting risks

Planning and reporting risks are related to the adverse effects that any irrelevant, untimely or incorrect information
might have on the Group’s strategic, operational and financial and non-financial decisions. At present, in view of the
reliability and effectiveness of internal procedures for reporting and planning, the Group does not consider these risks
to be material.
13. Other information
Incentive plans
Information about incentive plans can be found in the Explanatory Notes to the Consolidated Financial Statements
and in the “People, Prysmian’s Human Capital” chapter of the Non-Financial Statement.
Related party transactions

Related party transactions do not qualify as either atypical or unusual but form part of the normal course of business
by Group companies. Such transactions take place under market terms and conditions, according to the type of goods
and services provided.
The Group has published, including on its website, the procedures adopted to ensure the transparency and substantive
and procedural fairness of related party transactions.
Information about related party transactions, including that required by the Consob Communication dated 28 July
2006, is presented in Note 33 to the Consolidated Financial Statements at 31 December 2023.
Atypical and/or unusual transactions

In accordance with the disclosures required by Consob Communication DEM/6064293 dated 28 July 2006, it is
reported that no atypical and/or unusual transactions took place during 2023.
Secondary locations and basic corporate information

The list of secondary locations and basic corporate information about the legal entities making up the Group can be
found in Appendix A of the Explanatory Notes to the Consolidated Financial Statements.
Financial risk management

The management of financial risks is discussed in the Explanatory Notes to the Consolidated Financial Statements
(Financial risk management).
Treasury shares
Information about treasury shares can be found in Note 11 to the Consolidated Financial Statements at 31 December
2023.

14. Business outlook
The cable industry is increasingly strategic due to long-term market trends which require resilient, high-performing,
sustainable and innovative cable solutions: increased renewable generation, growing electricity demand, enhanced
power grids, massive data growth. In this context, Prysmian is uniquely positioned to seize current market trends
which require resilient, high-performing, sustainable and innovative cable solutions.
For FY 2024, Prysmian expects to achieve:
• adjusted EBITDA in the range of Euro 1,575-1,675 million

• cash flow in the range of Euro 675-775 million (FCF before acquisitions and disposals)
• scope 1&2 GHG emission reduction of 36% and Scope 3 reduction of 13% vs 2019
At its Capital Markets Day, held on October 5, 2023, the Group presented its strategy to lead the Energy Transition and
Digital Transformation – “Connect, to lead” – thereby outlining 2027 financial targets, consisting of:
• Adj. EBITDA of Euro 2bn (+/- Euro 100m)

• Free Cash Flow to Euro 900m-1bn
• EBITDA conversion in FCF to 47-48%
• ROCE to 25-28%
These goals assume no material changes in both the geopolitical crisis relating to the conflicts in Ukraine and in Israel,
in addition to excluding extreme dynamics in the prices of production factors or significant supply chain disruptions.
The forecasts are based on the Company’s current business perimeter, assuming a EUR/USD exchange rate of 1.08,
and do not include impacts on cash flows related to Antitrust issues.
15. Certification pursuant to Art. 2.6.2.

of the regulation of markets organized
and managed by Borsa italiana S.p.A.
Suitable measures have been taken to ensure compliance with Art. 15 of the Regulations issued by CONSOB under
Resolution no. 20249 of 28 December 2017 concerning conditions for the listing of shares of parent companies that
control companies incorporated under and regulated by the law of countries other than EU-member states and which
are material to the Consolidated Financial Statements, and whose requirements have been met.
Milan, 28 February 2024

ON BEHALF OF THE BOARD OF DIRECTORS
THE CHAIRMAN
Claudio De Conto
16. Consolidated non-financial statement
Introduction
This section represents the Consolidated Non-Financial Statement (hereinafter also referred to as “NFS”, “Statement”)
prepared, pursuant to Arts. 3 and 4 of Italian Legislative Decree 254/16 (hereinafter also the “Decree”) as supplemented,
by Prysmian S.p.A. The scope of the Non-financial Statement includes the parent company (Prysmian S.p.A.) and the
fully consolidated companies (hereinafter also “Prysmian”).
This Statement, approved by the Board of Directors on 28 February 2024, has been prepared pursuant to the “GRI
Sustainability Reporting Standards 2021” issued by the GRI Global Reporting Initiative, on an “in accordance with” basis.
The GRI Standards, currently the most widely adopted and internationally recognized standards for non-financial
reporting, have been identified by Prysmian as “reference standards” for compliance with the requirements of Italian
Legislative Decree 254/2016.
The main ESG KPIs measured and monitored by the Group are analyzed in the following sections of this document:
• Ethics and Integrity;

• Environmental responsibility;
• People, Prysmian’s human capital;
• Sustainable value chain.
Each chapter is organized as follows:
• a section on the risks identified in relation to the material topics addressed therein;
• disclosure of the sustainability performance of the Group in accordance with the GRI Standards 2021;
• background information and comments on the trends in the data presented
More information about how this document was prepared can be found in the later section on “Methodology”.

Stakeholder engagement and materiality analysis
In 2023, in continuity with previous years, Prysmian conducted an analysis to define material topics, considering the
impacts, opportunities and risks relevant to the business, in line with international and domestic standards and the
demands of its stakeholders.
Process Overview
1 2 3 4
Understand Identify Assess Prioritize
April/September October November/December January

2023 2023 2023 2024
Understand the context Identify the actual Assess the significance Assign priorities
of the organization and potential impacts of impacts, risks and to relevant issues
through a Desk Analysis generated in relation opportunities through and prepare
and Stakeholder to relevant issues Stakeholder the dual
Engagement activities. and related risks and Engagement materiality matrix.
opportunities. activities.
• Identification of • Interviews conducted

actual and potential with both internal
impacts (30 identified Stakeholders and
impacts). external experts.
• Identification of • Impact assessment:
relevant issues carried out by
(11 relevant issues internal and external
identified). Stakeholders.
• Identification of risks • Risk/opportunity
and opportunities assessment: carried
(21 risks and out by internal
8 opportunities Stakeholders.
identified).
The materiality analysis conducted by the Group led to the preparation of the Materiality Matrix below, which
illustrates the material topics for Prysmian, both from the standpoint of impacts generated on the environment, local
communities, its employees, collaborators and society at large, and from the standpoint of economic and financial
risks and opportunities.
To identify the most significant topics, detailed evaluations were collected from all stakeholders in the group on various
occasions. The judgments made were then aggregated through the weighted average method in order to develop an
overall summary score for both financial materiality, placed on the x-axis, and impact materiality, placed on the y-axis.
Each topic was placed within the matrix depending on its score for the two areas.
As can be seen from the latter, the analysis led to the identification of 11 Material Topics, four of which were considered to
have “Higher Materiality”: “Facilitating decarbonization to achieve Net-Zero and digitalization”; “Sustainable innovation
and circularity”; “Governance, ethics and integrity”; “Sustainable value chain”.
Materiality analysis 2023
Low
Low
Low Medium
Medium
Medium High
High
High
materiality
materiality
materiality materiality
materiality
materiality materiality
materiality
materiality
222
Critical
Critical
Critical
Sustainable
Sustainable
Sustainable innovation
innovation
innovation
and and circularity
circularity
and circularity
555 11 1
Wellbeing,
Wellbeing,
Wellbeing, engagement
engagement
engagement Enabling decarbonization
& upskilling Enabling decarbonization
Enabling decarbonization
& upskilling
& upskilling to NettoZero
to NetNet Zero
and
Zero and digitalization
digitalization
and digitalization
777 444 333

Sustainable
Sustainable
Sustainable
Equity,Equity,
Equity, diversity,
diversity, inclusion
inclusion
diversity, inclusion Governance,
Governance,
Governance, ethicsethics
ethics
value value
chain
value chain (workers)
(workers)
chain (workers)
& respect
& respect forfor
& respect for
human human
human rightsrights
rights and and integrity
integrity
and integrity
Important
Important
Important
999
Impact materiality
Impact materiality
Impact materiality
Local Local communities

communities
Local communities
666
Cybersecurity
Cybersecurity andand
and
Cybersecurity
data data protection
protection
data protection
Informative
Informative
Informative
888 Pollution
Pollution
Pollution
111111
Biodiversity
Biodiversity and
Biodiversity and impacts
impacts
and impacts
onon on
naturenature
nature
1010
10 WaterWater
Waterand and effluents
effluents
and effluents
Negligible
Negligible
Negligible
Negligible
Negligible
Negligible Informative
Informative
Informative Important
Important
Important Critical
Critical
Critical
Financial
Financial
Financial materiality
materiality
materiality

Materiality
Enabling decarbonization to Net Zero

and digitalization
Sustainable innovation and circularity
Sustainable value chain
Wellbeing, engagement & upskilling

Environment
Products
Cybersecurity and data protection
Governance
Equity, diversity, inclusion & respect for
human rights Value chain
Pollution Prysmian people
Local communities Local communities
Water and effluents
Biodiversity and impacts on nature
The next paragraphs detail the process that led to the production of the Materiality Matrix and the description
of the Material Topics.
The reporting conducted by Prysmian on the sustainability aspects identified through “Impact Materiality” was done
by following the 2021 GRI Universal Standards, which provide for an analysis of the impacts generated by the company
according to the so-called “inside-out” logic, i.e., those effects on the economy, environment, people and human rights
that result from the organization’s activities or its business relationships.
At the same time, the voluntary elaboration of “Financial materiality” examines the risks and opportunities for the
organization that affect or could affect the company’s financial position, financial performance and cash flows, access
to financing or cost of capital in the short, medium or long term. This process made it possible to verify that no relevant
topics were left out also from the financial point of view, thus anticipating part of the analyses that will be necessary
from 2024 with the implementation of the European Sustainability Reporting Standards (ESRS) and the entry into
force of the Corporate Sustainability Reporting Directive (CSRD), which will provide for a “double materiality” approach.
In particular, the Group conducted a gap analysis between GRI and ESRS during 2023 in order to be better prepared
for the future entry into force of the new standards. Prysmian’s financial analysis drew also on the risk assessments
already carried out by the Risk Management function and those carried out in an Enterprise Risk Management context,
including the 2023 TCFD Report.
Prysmian’s impact materiality

The process of updating the materiality of the Group comprises four phases, as indicated in the guidelines for “GRI 3:
Material Topics” Standard, which are discussed in the following sections.
Understanding the Context: Desk analysis and Stakeholder Engagement activities
During the desk analysis phase, involving a documentary analysis of internal and external sources, the context in which
Prysmian operates was identified. The following sources were considered during the desk analysis:
• Reports and articles on global trends (e.g. World Economic Forum, S&P Global);
• Alignment with the goals set forth in “Prysmian Climate Action” and “Social Ambition”;
Prysmian’s stakeholders
Shareholders
Customers
& Investors
Schools,
Universities
Suppliers & Research
Centers
Local
Employess
Communities
Stakeholder value creation
Attori Mission Azioni
Listen and engage with our customers to better • Customer satisfaction survey
Customers
serve them and to drive innovation • Cable App & Customer Portal
Shareholders • Long-term and sustainable value creation

Public company with broad shareholders base
& Investors • Shareholders’ meetings and participation
Schools,
Universities Invest and promote learning and education • Prysmian Academy
& Research as a key driver of improvement and innovation • Local mentoring programs for 500 students
Centers
Promote and contribute to the social

Local • Construction of nursery/school projects
and economic development of the communities
Communities • Donation of cables to improve local development
where we operate
Create and nurture a diverse, inclusive, equal • Internal projects of upskilling mobility
Employess opportunities working environment and workforce development
where meritocracy is at the core • Health & Safety focusa
Proactively promote the decarbonization • ESG evaluation of suppliers base

Suppliers of our supply chain incorporating ESG drivers • Sustainability audits
in the suppliers selection • CDP partnership (Carbon Disclosure Project)

• Sustainability reports/non-financial statement of peers and competitors;
• Group stakeholder engagement activities;ESG rating;
• Regulatory developments (e.g. Italian Decree 254 on non-financial statement, the European Taxonomy, GRI Sector
Standard and CSRD);
• Scenario analysis on the Group’s new strategic plan.
In addition to desk analysis, Prysmian regularly performs a sentiment analysis to monitor changes in the perception of
investors with regard to the most significant sustainability topics.
This activity is performed with the support of an AI tool, which transmits the changes identified in real time. The
concept of “dynamic materiality” is based on the idea that environmental, social and economic issues considered less
important until now might become more material over time. These analyses can be viewed in real time by visiting the
“Materiality” section of the corporate website of Prysmian.
The desk and sentiment analysis activities carried out by Prysmian are complemented by constant dialogue with
Stakeholders as a foundational element of Prysmian’s sustainability strategy.
This is why during the year the Group organizes stakeholder engagement projects and activities throughout the
value chain, with active listening, the promotion of sustainable behaviors and the creation of innovative products
and services having a lower environmental impact, which are capable of meeting their needs and expectations (see
the “Sustainable innovation for products, applications and processes” section of this document for more details on
sustainable products and services and the related risks).
The creation of sustainable value for all stakeholders is also deeply linked to the management of the value chain, in
which Prysmian is adopting a proactive role, both with respect to suppliers (calculation of Scope 3 emissions, inclusion
of ESG KPIs in their assessment) and in relation to Customers (surveys and specific engagement activities, analysis on
product end-of-life that is part of Scope 3 calculation).
Dialogue with Prysmian’s stakeholders

Stakeholder dialogue initiatives are an integral part of the Group’s growth strategy, as well as an effective communication
channel.
The purpose of these initiatives is to:
• identify ideas for improvements that lead to product and process innovation;
• map the impacts generated and perceived by the Group, in order to ensure better management of reputational
and other risks;
• inform, engage and raise the awareness of stakeholders regarding various aspects of importance to the Group and
the societies in which it operates;
• identify the needs, problems and expectations of stakeholders in order to embed them in the Group’s strategy and
develop a relationship based on trust and transparency.
These engagement initiatives are pursued in various ways and via multiple channels.
During the year, Prysmian organized several Multi-Stakeholder events, including:
External stakeholder engagement activities:

• Prysmian Sustainability Week;
• Local events targeting regional/national stakeholders;
• Topic workshops;
• Interviews with leading investors, academics and industry experts;
• Capital Markets Day.
Internal stakeholder engagement activities:

• Top Management Interviews;
• Local events during Sustainability Week;
• Speak up Survey (people engagement survey);
• Call and meeting with Sustainability Ambassadors;
• Sustainability Steering Committee;
• Prysmian Sustainability Academy courses and activities;
• Sustainability Call for Ideas Project
To define and implement its stakeholder engagement process, Prysmian follows the guidelines of the 2015 updated
version of the AA1000SES International Standard, developed by AccountAbility (Institute of Social and Ethical
Accountability).
Sustainability week
Amongst the various stakeholder engagement activities, in 2023 the Group organized a week of events named
“Prysmian Sustainability Week”, held in hybrid mode to reach a global target. The event took place in June at the
Group’s headquarters in Milan, Italy, and was physically attended by about 400 stakeholders and over 6,500 streaming
connections from all over the world. Attendees were representatives of the Group, including Prysmian directors,
managers and employees, and external speakers, such as leaders of international organizations and partners in the
value chain. The various speakers contributed important points of view on specific sustainability issues, such as climate
change and the energy transition, the circular economy, recycling, the business impact of environmental processes,
diversity and inclusion, impact on local communities, sustainable innovation, digitalization and electrification.
2023 Sustainability Call for Ideas Project

The Sustainability Call for Ideas is a Prysmian global initiative aimed at all Group employees in order to gather ideas
in relation to four main sustainability-related themes, implement them locally, and potentially expand them globally.
The initiative, which involved both white-collar and blue-collar workers from all regions and business units, covered
several sustainability aspects identified by Prysmian’s top management: safety, customer involvement to improve
sustainability throughout the value chain, inclusion and sustainable products and processes. The objectives of this
global initiative were: to embed sustainability at regional level and in all production plants by implementing the
most significant projects at local level, to promote visibility of the new sustainability governance and to engage all
employees.
Each region and business unit produced its own dedicated Call for Ideas, with regional thematic experts and a local
jury which selected projects to implement and potentially scale globally. Over 1,100 ideas were collected globally from
all regions. Regional juries selected the most promising projects, and the teams involved were invited to Milan for the
Sustainability Call for Ideas Fair held during sustainability week in June. The teams presented their ideas to colleagues
and external stakeholders who attended the event, as well as in a live streaming presentation session intended for
the entire Prysmian population. As a result of the Call for Ideas – and the important results achieved – the Group is
committed to implementing the more than 20 projects selected in the course of 2024.
Dialogue with shareholders
Priority stakeholders certainly include shareholders, concerning whom value creation is one of the Group’s most
important objectives. For this reason, Prysmian focuses its strategic and financial communication policy on the highest
standards of fairness, clarity and transparency. Company activities and procedures aim to lend credibility to company
communication flows to the market, with the goal of increasing and consolidating investor confidence, seeking to foster
a long-term stock investment approach and avoiding information asymmetries. Guaranteeing that every investor,

both current and potential, has the right to receive the same information to make thoughtful investment choices is
a priority for the Group. Upon publishing its quarterly data, Prysmian organizes conference calls with institutional
investors and financial analysts. In addition, the Company promptly informs the market about any action or decision
that could have a material impact on the valuation and performance of the share.
Relations with the financial market were continuous and intense during 2023, with more than 500
conference calls and one-to-one or group sessions. Some were held virtually, while others were held in
person at the Milan headquarters and in the world’s main financial centers such as London, Paris, New
York and Milan.
Prysmian also participated in numerous industry conferences organized by leading international brokers, as well
as in road shows and topic-specific events focused, for example, on the Energy Transition, Digitalization, Innovation
and Sustainability. In addition, the Group is increasingly devoting special attention to its relations with ESG investors,
meaning those that focus their investment strategies on environmental, social and governance issues. Continuous
engagement with them by the Company and top management – with various organized activities, including the
Sustainability Week and dedicated meetings – has helped to further increase the weight of these investors within
Prysmian’s shareholder base.
The number of ESG investors has increased substantially in the last five years, rising from about 13% in 2019
to over 49% at present. This latter percentage is well above the average for both the industrial sector and the
Italian market.
In addition to such ESG topics as Energy Transition, Digitalization, Climate Change, the Management of Human
Capital, Diversity and Inclusion, the Sustainable Value Chain and Remuneration Policy, the meetings with investors
also discussed other important matters that included Electrification, Innovation, Business Performance and Outlook
over the short/medium term, and the financial structure and strength of the Group. The Investor Relations function
has maintained constant contacts with institutional investors, not least via the website, which includes the recordings
of conference calls and presentations to the financial community, corporate documentation, press releases and all
other information relating to the Group, in both Italian and English.
IDENTIFICATION OF THE REAL AND POTENTIAL, POSITIVE AND NEGATIVE IMPACTS GENERATED BY PRYSMIAN
THROUGHOUT THE ENTIRE VALUE CHAIN
Downstream of the Desk Analysis, stakeholders engagement and Risk Assessment activities already carried out by the
Risk Management function in the Enterprise Risk Management area, Prysmian has identified 30 impacts, separated
into real and potential, positive and negative, generated by the organization and its business relationships, on the
economy, the environment and people, including impacts on their human rights, as indicated in GRI 3 Standard. The
impacts were mapped in relation to specific material topics (11 material topics identified in 2023 vs. 10 in 2022).
ASSESSMENT OF IMPACTS THROUGH STAKEHOLDER ENGAGEMENT ACTIVITIES
The next stage regarded the evaluation of identified impacts. The judgments were given by various types of
stakeholders, selected on an ad-hoc basis from the following categories:
• Internal stakeholders: top management and Group BoD members

• External stakeholders: investors, academics, university scholars and researchers
The people involved assigned each impact a value in relation to magnitude (scale of 1 to 4) and probability of
occurrence (scale: low, medium, high). This evaluation took place throughout the year through interviews and
one-on-one meetings. For the composition of the materiality matrix and the relative placement of topics within
it, only the magnitude of each impact was considered. However, the interview also concerned an analysis of the
probability of occurrence, in order to better inform the analysis. The methodology described here, which therefore
did not include the use of probability in the ranking, aims to maintain a conservative approach and prevent
potentially significant impacts (i.e., with high magnitude) from appearing relatively less material due to a low
probability of occurrence.
Below is the evaluation grid used by the selected Stakeholders, along with the respective quantitative metrics:
Impact Evaluation Scale
Remediability
(in case
Level Scale Scope
of a negative
impact)
Not significant and transient local impact or minor ecological

damage / minor ecological enhancement
No damage to cultural heritage / no cultural heritage enhancement Prysmian’s
internal
Temporary local community nuisance / minor community positive externalities
premises/ Remediation /
Loss of pollutant < 10 litres operations restoration
1 – Negligible
sites and time shorther
Negligible injury / illness with no temporary disability or minor effects immediate than 6 months
(e.g. headaches, eye irritation, etc.) surrounding
Less than 100 people impacted areas.
Less than 92 kton CO2 of Scope 1 e 2 emissions and/or less

than 29,065,770 kton CO2 for Scope 3 emissions
Contaminated area smaller than 10 ha / enhanced or positively
impacted area smaller than 10 ha
Minor damage to cultural heritage / minor cultural heritage enhancement
Prysmian’s
Local community outrage
internal Remediation/
Loss of pollutant between 10 and 500 litres premises/ restoration
2 - Informative operations time between
Minor injury / illness without temporary disability sites and 7 months
(e.g. minor injuries, eye irritation, headaches, etc.) or Medical Treatment Case surrounding and 2 years
(MTC) or Restricted Work Case (RWC) or First Aid Case (FAC) areas.
More than 100 but less than 500 people impacted
Between 92 kton CO2 and 250 kton CO2 for Scope 1 and 2 emissions and/or
between 29,065,770 kton CO2 and 47,086,548 kton CO2 for Scope 3 emissions
Contaminated area between 10 ha and 1 square kilometre / enhanced
or positively impacted area between 10 ha and 1 square kilometre
Significant impact on ecosystem (e.g. nuisance to wild animals / fish / plant,
etc.) / significant positive externalities on the ecosystem Impacts
spread beyond
Moderate damage to cultural heritage / moderate positive Prysmian’s
externalities on cultural heritage premises
Spread community outrage / spread positive externalities operations
Remediation/
on local communities sites and
restoration
3 – Important surrounding
Loss of pollutant between 500 and 5,000 litres time between
areas with
2 and 5 years
Serious injury / illness with temporary disability > 1 days but < 40 days of initial significant
diagnosis (e.g. fractures, second degree burns on a limited body surface, effects on the
allergies, etc.) or life-threatening injury or Permanent Partial Disability (PPD) ecosystem/local
or Lost Time Injury (LTI) or Occupational Ill Health (OIH) communities/
people.
Between 500 and 10,000 people impacted
Between 250 kton CO2 and 488 kton CO2 for Scope 1 and 2 emissions and/or
between 47,086,548 kton CO2 and 74,117,714 kton CO2 for Scope 3 emissions
Contaminated area above 1 square kilometre / enhanced or positively
impacted area above 1 square kilometre
Irreversible damage to ecosystem (e.g. death of wild animals / fish / plant, etc.)
/ major positive externalities on the ecosystem
Irreversible damage to cultural heritage / major positive externalities
on cultura heritage
Irreversible damage to local communities / significant positive externalities Major global
Remediation/
on local communities impact on the
restoration
4 – Critical ecosystem/local
time above
Loss of pollutant above 5,000 litres communities/
5 years
people.
Major injury / illness > 40 days of initial diagnosis or with permanent disability
(e.g. amputations, complex fractures, cancer, second and third-degree burns,
burns over a large body area, etc.) or fatality
More than 10,000 people impacted
More than 488 kton CO2 for Scope 1 and 2 emissions and/or more than
74,117,714 kton CO2 for Scope 3 emissions

Following the assessments made by stakeholders during engagement activities, the impacts were prioritized,
classifying them by order of magnitude (from greatest to smallest). For the same magnitude, the greater probability of
impact occurrence was taken into consideration13.
Remediability
generated on
environment
and people
of impact(1)
Likelihood
economic,
of impact
Category
Material
horizon
Impact
Scope
Topic
Scale
Time
Type
Impacts spreading
Pollution caused by beyond Prysmian’s
Remediation
spills in the soil of toxic premises/
or
/ polluting materials operations sites and
Pollution restoration Medium
-
as a result of accidents surrounding areas 2
(ESRS E2 - Potential Low time term
during operations or with significant Informative
Pollution) between 2-5 years
installation, or as a result effects on the
7 months
of operations along the ecosystem / local
and 2 years
company’s value chain. communities/
people
Emissions into the Impacts spreading
atmosphere of Nitrogen beyond Prysmian’s
oxides (NOX), sulphur premises/
Remediation
oxides (SOX), and other operations sites and
Pollution or
-
significant pollutants surrounding areas 2 Short term
(ESRS E2 - Actual n.a. restoration
as a result of direct with significant Informative 1 year
Pollution) time longer
or indirect business effects on the
than 5 years
activities, or as a result ecosystem / local
of operations along the communities/
company’s value chain. people
Pollution of waterways
in the proximity of
Prysmian manufacturing Impacts spreading
or installation beyond Prysmian’s
sites, as a results premises/
Remediation
of manufacturing/ operations sites and
Pollution or
-
installation activities surrounding areas 3 Long term
(ESRS E2 - Potential Low restoration
and/or release into with significant Important 5+ years
Pollution) time longer
process water of effects on the
than 5 years
pollutants that get ecosystem / local
transferred into communities/
effluents, or as a result people
of operations along the
company’s value chain.
Impacts spreading
beyond Prysmian’s
Remediation
premises/
or
operations sites and
Pollution Spill into the soil of restoration Medium
-
surrounding areas 2
(ESRS E2 - polluting materials Potential Low time term
with significant Informative
Pollution) from installed products between 2-5 years
effects on the
7 months
ecosystem / local
and 2 years
communities/
people
Water and Water treatment

Prysmian’s
effluents and extraction of waste
+
internal premises/ 1 Short term
(ESRS E3 - and pollutants Actual n.a. n.a.
operations sites and Negligible 1 year
Water and marine from waterways
surrounding areas
resources) during operations
Impacts spreading
beyond Prysmian’s
Remediation
Consumption of water premises/
Water and or
for manufacturing operations sites and
effluents restoration
-
processes reducing surrounding areas 1 Short term
(ESRS E3 - Actual n.a. time
the availability of water with significant Negligible 1 year
Water and marine between
for wildlife effects on the
resources) 7 months
and other usage ecosystem / local
and 2 years
communities/
people
Impacts spreading
beyond Prysmian’s
Biodiversity premises/
and impacts Enhancement operations sites and
+
on nature of biodiversity in surrounding areas 2 Short term
Actual n.a. n.a.
(ESRS E4 - installations sites after with significant Informative 1 year
Biodiversity installation operations effects on the
and ecosystems) ecosystem / local
communities/
people
13 Impact on Water and tributaries: for more information on the amount of water consumed, see the chapter of this document “Environmental Responsibility”.
Impact on Facilitating decarbonization to achieve Net Zero (Scope 1, 2 and 3) and digitization: see the chapter of this document “Environmental Responsibility” for more
information.
Impact on Well-being, engagement and skills improvement of human capital: for more information regarding training hours for employees, please refer to the chapter in
this document “People, Prysmian’s Human Capital”.
Remediability
generated on
environment
and people
of impact(1)
Likelihood
economic,
of impact
Category
Material
horizon
Impact
Scope
Topic
Scale
Time
Type
Loss of Biodiversity in
Impacts spreading
terms of animals and/
beyond Prysmian’s
or plants near the areas
Biodiversity premises/
in which the company Remediation
and impacts operations sites and
and their partners along or
-
on nature surrounding areas 3 Short term
the value chain operate Actual n.a. restoration
(ESRS E4 - with significant Important 1 year
(manufacturing sites, time longer
Biodiversity effects on the
offices, installation sites), than 5 years
and ecosystems) ecosystem / local
or as a consequence
communities/
of the end-of-life
people
treatment of products.
Enabling the Facilitating the

decarbonization energy transition and
Major global impact
+
to Net-Zero and decarbonization process 4 Short term
on the ecosystem/ Actual n.a. n.a.
digitalization of the economy and Critical 1 year
local communities
(ESRS E1 - Climante digitalization of the
Change) network.
Enabling the
2 Remediation
decarbonization Contribution to GHG
Major global impact Informative or
-
to Net-Zero and emissions of scope 1 and Short term
on the ecosystem/ Actual n.a. restoration
digitalization 2 as a result of direct 1 year
local communities 3 time longer
(ESRS E1 - business activities.
Important” than 5 years
Climante Change)
Enabling the
Remediation
decarbonization Contribution to GHG
Major global impact or
-
to Net-Zero and emissions of scope 3 3 Short term
on the ecosystem/ Actual n.a. restoration
digitalization as a result of indirect Important 1 year
local communities time longer
(ESRS E1 - business activities.
than 5 years
Climante Change)
Anti-competitive
behaviour and
corruption events
enacted by the
Company that Large impacts on Remediation
Governance,
contribute to the lack the ecosystem / or
ethics and Medium
-
of socio-economic local communities/ 3 restoration
integrity Potential Low term
development of the people beyond Important time shorter
(ESRS G1 - 2-5 years
communities in which Prysmian’s than 6
Business conduct)
the Company operates operations months
in, limit the effects of
Market competition and
could result in higher
prices of products.
Impacts spreading
Promotion of best
beyond Prysmian’s
practices related to
premises/
Cyber security cyber security across all
and data business partners and
+
surrounding areas 2 Short term
protection stakeholders through Actual n.a. n.a.
with significant Informative 1 year
(ESRS S1 - audits and contractual
effects on the
Own workforce) requirements to prevent
ecosystem / local
business disruption
communities/
along the value chain.
people
Impacts spreading
beyond Prysmian’s
Unauthorized disclosure Remediation
premises/
Cyber security and processing or
and data perpetrated by the restoration Medium
-
surrounding areas 2
protection Company of Personal Potential Low time term
with significant Informative
(ESRS S1 - Identifiable Information between 7 2-5 years
effects on the
Own workforce) or sensitive data and months and
ecosystem / local
information. 2 years
communities/
people
Enactment by Large impacts on Remediation

Sustainable value companies across the the ecosystem / or
Medium
-
chain (workers) value chain of practices local communities/ 3 restoration
Potential Low term
(ESRS S2 - Workers that do not guarantee people beyond Important time
2-5 years
in the value chain) adequate working Prysmian’s between 2
conditions operations and 5 years
Remediation
Enactment by Large impacts on
or
Sustainable value companies across the the ecosystem /
restoration Medium
-
chain (workers) value chain of practices local communities/ 3
Potential Low time term
(ESRS S2 - Workers against equality, people beyond Important
between 7 2-5 years
in the value chain) fair treatment, and Prysmian’s
months and
opportunities for all operations
2 years

Remediability
generated on
environment
and people
of impact(1)
Likelihood
economic,
of impact
Category
Material
horizon
Impact
Scope
Topic
Scale
Time
Type
Large impacts on
Potential lack of respect Remediation
Sustainable value the ecosystem /
of Human rights and or Medium
-
chain (workers) local communities/ 3
Sustainable practices Potential Low restoration term
(ESRS S2 - Workers people beyond Important
throughout the Value time longer 2-5 years
in the value chain) Prysmian’s
chain than 5 years
operations
Reduction of emissions Impacts spreading
related to new beyond Prysmian’s
Sustainable
products - through premises/
innovation and
the development of operations sites and
circularity
+
low-emissions products surrounding areas 4 Short term
(ESRS E5 - Actual n.a. n.a.
(higher recycled content with significant Critical 1 year
Resource
/ recyclable products) effects on the
use and circular
and virtuous practices ecosystem / local
economy)
such as Design for communities/
Sustainability people
Proactivity in developing
Sustainable
a sustainable Large impacts on
innovation and
organizational process the ecosystem /
circularity
+
that engages with local communities/ 3 Short term
(ESRS E5 - Actual n.a. n.a.
the entire value chain, people beyond Important 1 year
Resource
promoting materials Prysmian’s
use and circular
reuse, recycle and operations
economy)
reduction
Sustainable Consumption of natural
Large impacts on
innovation and resources as raw
the ecosystem /
circularity materials for production,
-
local communities/ 4 Short term -
(ESRS E5 - with potential damages Actual n.a. n.a.
people beyond Critical 1 year
Resource to the environment and
Prysmian’s
use and circular reduction of availability
operations
economy) for other uses.
Impacts spreading
Negative effects on the beyond Prysmian’s
Sustainable
environment (water, premises/
innovation and Remediation
soil, air) due to the operations sites and
circularity or Medium
-
improper management surrounding areas 3
(ESRS E5 - Potential Medium restoration term
of products’ end-of life, with significant Important
Resource time longer 2-5 years
such as discharge of effects on the
use and circular than 5 years
waste/scraps in natural ecosystem / local
economy)
areas communities/
people
Economic impacts
on local communities Impacts spreading
through employment beyond Prysmian’s
and local procurement, premises/
Local communities taxes, or other operations sites and
+
(ESRS S3 - payments to local surrounding areas 3 Short term -
Actual n.a. n.a.
Affected governments, as well with significant Important 1 year
communities) as through community effects on the
development programs ecosystem / local
and investments in communities/
infrastructure or public people
services
Impacts spreading
beyond Prysmian’s
premises/
Land clearance and Remediation
Local communities operations sites and
changes of land use to or
-
(ESRS S3 - surrounding areas 2 Long term -
accommodate Prysmian Potential Medium restoration
Affected with significant Informative 5+ years
operations (e.g. factories) time longer
communities) effects on the
and/or installation sites than 5 years
ecosystem / local
communities/
people
Human capital’s
well-being, Human Capital well-
Prysmian’s internal
+
engagement being: Promoting work- 3 Short term -
premises/operations Actual n.a. n.a.
& upskillin life balance practices Important 1 year
sites
(ESRS S1 - within the organization
Own Workforce)
Human capital’s Upskilling:
well-being, Strengthening
+
engagement and upskilling the 3 Short term -
& upskilling competences of the Important 1 year
sites
(ESRS S1 - personnel and develop
Own Workforce) talent
Human capital’s
well-being, Engagement: Adoption
+
engagement of people oriented 3 Short term -
& upskilling policies to safeguard Important 1 year
sites
(ESRS S1 - people’s needs
Own Workforce)
Remediability
generated on
environment
and people
of impact(1)
Likelihood
economic,
of impact
Category
Material
horizon
Impact
Scope
Topic
Scale
Time
Type
Impacts spreading
beyond Prysmian’s
Potential accidents,
Human capital’s premises/ Remediation
mental and physical
well-being, operations sites and or
illness due to a failure
-
engagement surrounding areas 4 restoration Short term -
to disseminate a health Actual n.a.
& upskilling with significant Critical time 1 year
and safety culture in the
(ESRS S1 - effects on the between 2
community in which the
Own Workforce) ecosystem / local and 5 years
Company operates
communities/
people
Equity, Diversity, Promotion of specific

Inclusion & respect programs towards
+
premises/operations 3 Short term -
for human rights a more inclusive Actual n.a. n.a.
sites and immediate Important 1 year
(ESRS G1 - and diverse work
surrounding areas
Business conduct) environment
Equity, Diversity,
Promotion of practices Prysmian’s internal
Inclusion & respect
+
to promote gender premises/operations 3 Short term -
for human rights Actual n.a. n.a.
balance in Prysmian sites and immediate Important 1 year
(ESRS G1 -
management and BoD surrounding areas
Business conduct)
Lack of the social Remediation

Equity, Diversity,
sustainability practices Prysmian’s internal or
Inclusion & respect Medium
-
within the organisational premises/operations 3 restoration
for human rights Potential Low term - 2-5
structure and business sites and immediate Important time shorter
(ESRS G1 - years
model including the surrounding areas than 6
Business conduct)
respect for human rights months
(1) For the “Actual” impacts, the likelihood is not applicable as they are considered certain according to GRIS Standards.
Prioritization of Material Topics
The material topics were then evaluated by internal and external stakeholders to test their accuracy. Below is the list of
11 material topics (compared to 10 in 2022) identified by Prysmian in accordance with the GRI standards and ordered
according to the results coming from the materiality assessment carried out.
Material Topic Description
• Implementation of technologies, practices and collaborations to reduce

Pollution
the impact of pollutants used along the value chain on the ecosystem
(ESRS E2 - Pollution)
and environment.
Water and effluents

• Analysis of the consequences of production processes on water resources.
(ESRS E3 - Water and
• Development of a sustainable water resource treatment management strategy.
marine resources)
Biodiversity and impacts

Awareness of:
on nature
• Group's impact on ecosystems;
(ESRS E4 - Biodiversity
• Consequences of biodiversity loss in areas where Prysmian operates.
and ecosystems)
Enabling the decarbonization • Policies and actions to reduce energy consumption and accelerate
to Net-Zero and digitalization the path to zero net CO2 emissions (Science-Based targets);
(ESRS E1 - Climate Change) • Supporting the digitalization process.
• Governance structure and mechanisms that ensure fair and transparent

Governance, ethics management of activities and engagement of employees, management,
and integrity and shareholders.
(ESRS G1 - Business conduct) • Management model based on stringent standards of ethics and professional integrity.
• Enforcement of measures to prevent corruption and ensure fair tax practices.

Material Topic Description
Cybersecurity Advanced Cybersecurity measures for:

and data protection • managing information security risks;
(ESRS S1 - Own workforce) • ensuring data protection and privacy.
Promotion of long-term value creation - over the entire value chain -

through sustainable management of:
(workers)
• upstream activities;
(ESRS S2 - Workers
• downstream activities (customer-centric approach);
in the value chain)
• working conditions and welfare of workers.
• Development of solutions that generate sustainability benefits (e.g., renewable energy

Sustainable innovation solutions, Smart Grid).
and circularity • Ongoing research to develop products and processes with sustainable
(ESRS E5 - Resource use environmental and social impacts throughout the life cycle.
and circular economy) • Efficient management of business activities with impact on the environment.
• Promotion of circularity resulting from recycling processes.
Local communities
• Promoting access to energy and telecommunications for communities.
(ESRS S3 - Affected
• Sponsorships and donations for local community development.
communities)
Initiatives to promote employee well-being through:

• health and safety management systems designed to reduce work-related
Human capital’s well-being, accidents and illnesses;
engagement & upskilling • actions to attract talent and ensure human resources development
(ESRS S1 - Own Workforce) (training and mentoring; salary and benefits policies and reward systems;
career plans; long-term incentives).
• Promoting multiculturalism, social, and digital inclusion;

Equity, Diversity, Inclusion
• Protection of diversity;
and Respect for Human Rights
• Reducing wage inequality;
(ESRS G1 - Business conduct)
• Policies and practices to protect human rights throughout the value chain.
Prysmian’s Financial Materiality

On 16 December 2022, the Official Journal of the European Union published the Corporate Sustainability Reporting
Directive (CSRD) – proposed by the European Commission on 21 April 2021 – that, starting from the 2024 Financial
Statements, will amend the current reporting obligations (Non-Financial Reporting Directive transposed into Italian law
by Italian Legislative Decree 254/2016). Among the changes, the Directive introduces the concept of double materiality
that, in addition to the external impacts generated by the business (inside-out approach), requires the risks incurred
and the opportunities that the company can benefit from in financial terms (outside-in approach) to be reported as
well. The European Commission mandated EFRAG to develop the new reporting standards. As a result, Prysmian, in
advance of legal requirements, decided to set up an analytical system for quantifying risks and opportunities, in line
with the Risk Assessment process and methodology already adopted by the Group.
The exercise carried out to identify material topics according to the Impact Materiality process was the starting point
for the identification of Financial Materiality. According to paragraph 49 of ESRS 1, in fact, a topic can also be financially
material if it triggers, or could trigger, material financial effects on the enterprise. Specifically, this occurs when a material
topic generates or can generate risks or opportunities that have a material influence on the enterprise’s development
in terms of cash flow and operating profitability (Free Cash Flow and EBITDA, respectively).
These financial parameters are in line with the Group’s Enterprise Risk Management (ERM) model. Two time horizons
were identified for their assessment: short-medium term (within three years) and long term (2030). The scale used for
quantifying these risks and opportunities (from 1 to 4) is as follows:
Level Description Financial Impact Magnitude
1 MINOR/INSIGNIFICANT
<10 M Euro expected on
1 MINOR/INSIGNIFICANT < 10 M Euro expected on
EBITDA/CASH FLOW
EBITDA/CASH FLOW
2 MODERATE
10-50 M Euro expected on
2 MODERATE 10-50 M Euro expected on
EBITDA/CASH FLOW
EBITDA/CASH FLOW
3 HIGH
50-100 M Euro expected on
3 HIGH 50-100 M Euro expected on
EBITDA/CASH FLOW
EBITDA/CASH FLOW
4 VERY HIGH
>100 M Euro expected on
4 VERY HIGH >100 M Euro expected on
EBITDA/CASH FLOW
EBITDA/CASH FLOW

Identification of Risks and Opportunities
Risks and opportunities have been ordered starting from the highest magnitude and ranking those with the
same magnitude by the greatest probability of occurrence. Quantification of the magnitude associated with each
risk/opportunity was carried out with the Risk Management function as part of the Group’s Enterprise Risk
Management activities. Below is the table listing the risks and opportunities identified and sorted according to their
relative Magnitude.
Scale of Time
Material Topic Description Category Likelihood
Impact Horizon
Water unavailibilty leading to potential

Long term
Water and effluents increase of water purchasing costs, 1
more
(ESRS E3 - Water and operating costs to improve the resilience Risk Minor/ Medium
than
marine resources) of plants in terms of water use and Insignificant
5 years
reputational damage.
Enabling the
Increased severity of extreme weather
decarbonization Long term
events leading to higher frequency
to Net-Zero 2 more
of property damages and business Risk Low
and digitalization Moderate than
interruption and potential increase
(ESRS E1 - Climante 5 years
of insurance premium.
Change)
Enabling the
Increased production
to Net-Zero 2 more
costs due to Carbon Tax Risk Medium
and digitalization Moderate than
or Emission Trading Scheme.
Change)
Enabling the
Intercept the expected global cable
to Net-Zero 4 more
market growth and access to emerging Opportunity High
and digitalization Very High than
markets (solar, onshore wind, …)
Change)
Enabling the
decarbonizatio Use of lower-emission sources through Long term
to Net-Zero installation of renewable energy systems 2 more
Opportunity High
and digitalization (e.g. photovoltaic) and purchase of Moderate than
(ESRS E1 - Climante renewable energy. 5 years
Change)
Enabling the
Sea level rise will increase the risk 1
to Net-Zero more
of coastal flood leading to property Risk Minor/ Medium
and digitalization than
damage and business interruption. Insignificant
Change)
Levereging on Group global presence,

Human capital’s enhance high health & safety standards
well-being, for all plants: Medium
2 Medium /
engagement & upskilling - Increase in productivity; Opportunity term
Moderate High
(ESRS S1 - Own - Reduction of litigation costs; 2-5 years
Workforce) - Increased resilience of services/operations;
- Reputational advantage.
Upskilling: Strenghtening and upskilling

the competences of the personnel
and develop talent.
Human Capital well-being: Promoting
work-life balance practices within the
Human capital’s
organization.
well-being, Medium
Engagement: Adoption of people oriented 2
engagement & upskilling Opportunity High term
policies to safeguard people's needs. Moderate
(ESRS S1 - Own 2-5 years
- Increased productivity;
Workforce)
- Reduction in employee turnover;
-R eduction of costs related to recruiting
programs;
-R etention and attraction of key personnel
and talents.

Scale of Time
Impact Horizon
Human capital’s
Future legislative and/or regulatory
well-being, Medium
changes might affect the operations 2
engagement & upskilling Risk Medium term
of the Group, its ability to compete Moderate
(ESRS S1 - Own 2-5 years
n the marketplace and its financial results.
Workforce)
Human capital’s
Lack of key people and talent attraction
well-being, 1 Medium
management leading to operational,
engagement & upskilling Risk Minor/ Medium term
quality issues or project delays in
(ESRS S1 - Own Insignificant 2-5 years
implementation of business strategies.
Workforce)
Potential accidents, mental and

physical illness due to a failure to
Human capital’s disseminate a health and safety culture
well-being, in the community in which the Company 1 Medium
engagement & upskilling operates, leading to potential disruption Risk Minor/ Medium term
(ESRS S1 - Own of services, increase in litigation costs, Insignificant 2-5 years
Workforce) sanctions, increase cost in training
and upskilling program for new hires,
reputational damage.
Loss of Biodiversity in terms of animals

and/or plants near the areas in which
Biodiversity Prysmian operates (manufacturing Long term
1
and impacts on nature sites, offices, installation sites), or as a more
Risk Minor/ Low
(ESRS E4 - Biodiversity consequence of the end-of-life treatment than
Insignificant
and ecosystems) of products, leading to potential litigation 5 years
and legal disputes costs, sanctions, fines
and reputational damage.
“Develop new solution with

minimized enviromental impact
Biodiversity Increase market share and/or Long term
and impacts on nature marginality (patentability) 2 more
Opportunity Medium
(ESRS E4 - Biodiversity Enhancement of biodiversity in Moderate than
and ecosystems) installations sites after installation 5 years
operations leading to reputational
advantage”.
Developing of a sustainable value chain

Sustainable Long term
that is extremely sensitive to ESG issues:
value chain (workers) 2 more
- Reducing operating costs; Opportunity Medium
(ESRS S2 - Workers Moderate than
- Reputational advantage;
in the value chain) 5 years
- Reduction of litigation costs.
Lack of respect of Human rights and

Sustainable
Sustainable practices throughout the Medium
value chain (workers) 2
Value chain, leading to costs Risk Medium term
(ESRS S2 - Workers Moderate
for litigations, legal sanctions, 2-5 years
in the value chain)
fines or reputational damage.
Unauthorized disclosure and/or processing

of Personal Identifiable Information or
Cybersecurity Medium
sensitive data and information leading 3
and data protection Risk Medium term
to potential administrative sanctions in High
(ESRS S1 - Own workforce) 2-5 years
case of breach of data protection and
consequential reputational damage.
Long term
Cybersecurity Cyber attack causing business interruption
2 more
and data protection and extra costs for cable manufacturing, Risk High
Moderate than
(ESRS S1 - Own workforce) LD for delays and ransom.
5 years
Safe and protected data and services for all 1

stakeholders: Minor/ Long term
Cybersecurity
- Reduction of litigation costs; Insignificant more
and data protection Opportunity Medium
- I ncreased resilience of services/ than
(ESRS S1 - Own workforce)
operations; 2 5 years
- Reputational advantage. Moderate

Scale of Time
Impact Horizon
Lack of the social sustainability practices

Equity, Diversity,
within the organisational structure and
Inclusion & respect 1 Medium
business model including the respect for
for human rights Risk Minor/ Medium term
human rights leading to potential increase
(ESRS G1 - Business Insignificant 2-5 years
in litigation costs, employee turnover and
conduct)
reduction in key people retention.
Governance,
Medium
ethics and integrity Potential sanctions and reputational 4
Risk Low term
(ESRS G1 - Business damages from export activities. Very High
2-5 years
conduct)
Governance,
Potential sanctions and reputational Medium
ethics and integrity 4
damages from breach of antitrust Risk Medium term
(ESRS G1 - Business Very High
legislation. 2-5 years
conduct)
Governance,
Potential sanctions and reputational Medio
damages from breach of anticorruption Risk Low termine
(ESRS G1 - Business High
legislation. 2-5 anni
conduct)
Governance,
Potential sanctions and reputational Medium
damages from breach of Code of ethics, Risk Medium term
(ESRS G1 - Business Moderate
policies and procedures. 2-5 years
conduct)
Governance,
Potential legal proceedings, financial Medium
losses including fines/penalties and Risk Medium term
(ESRS G1 - Business Moderate
reputational damages. 2-5 years
conduct)
Sustainable innovation Long term

Development and expansion of low
and circularity 3 more
emission solutions, in particula Opportunity High
(ESRS E5 - Resource use High than
in Energy Cable and Fiber markets.
and circular economy) 5 years
Sustainable innovation Greening the supply chain by evaluating Long term

and circularity options to reduce energy use and waste 3 more
Opportunity High
(ESRS E5 - Resource use production and increase the use High than
and circular economy) of recycled material. 5 years
Enabling the decarbonization of other

businesses, such as Energy Cable and
Fiber Optics markets:
- Increase
in revenues due to the growth
in demand for lower emissions Opportunity High
(ESRS E5 - Resource use Moderate than
products and services;
- Potential
increased attractiveness
of low carbon investors;
- Reputational advantage.
Potential negative impact on the market

due to the emerging of disruptive
technologies that can make our
technologies and activities obsolete (eg.
Hydrogen, etc.) undermining the capacity
of creating value for our business partners Risk Medium
leading to decrease of revenues and
related contribution margin and potential
write-offs and early retirement of existing
assets due to a reduced demand for
products and services.

Potential negative impact due to increased 1
and circularity more
litigation costs (e.g. third party patent Risk Minor/ Low
(ESRS E5 - Resource use than
owners). Insignificant

Scale of Time
Impact Horizon
Change in competitive landscape leading Materialità Materialità

also to reduced Group’s market share bassa media
Long term
due to new entrant players, resulting in Risk Medium
decrease of revenue and/or contribution
margin due to stronger competitiveness. Innova
e circo
Critico
Environmental pollution leading to Medium
Pollution 2
remediation costs, sanctions, fines and Risk Low term
(ESRS E2 - Pollution) Moderate
reputational damages. 2-5 years
Comunità locali
Importante
Evolution of material topics 2023 vs 2022
Impact materiality
The shown image illustrates the main evolutions of Prysmian Materiality Matrix from 2022 to 202314.
Low Medium High

materiality materiality materiality
Informativo
and circularity
Critical
Governance, ethics
and integrety
Biodiversità e impatti
Local communities Trascurabile sulla natura
Important
Impact materiality
Trascurabile Informativo Importan

Informative
Financial materialit
Biodiversity 2022 2023

and impacts on nature
Negligible
Negligible Informative Important Critical
Financial materiality
In 2023, the topics “Sustainable innovation and circularity”, “Sustainable value chain (workers)” and “Governance,
2022 2023
ethics and integrity” entered the Higher Materiality area, where in 2022 only the topic “Facilitating decarbonization to
achieve Net-Zero and digitalization” was included. This development reflects the evolving strategy of Prysmian and the
messages communicated to the market during 2023.
In contrast, the material topics related to “Local communities” and “Biodiversity and impacts on nature” move from
“medium materiality” to “low materiality,” as they are perceived by stakeholders – although material to the Group –
as less primary. The material topics related to “Well-being, engagement and improvement of human capital skills”
and “Cybersecurity and data protection” were not subject to substantial changes in the 2023 materiality assessment
compared to 2022.
14 For the deviation analysis, the materiality matrix for 2022 was recalculated by applying the same methodology applied in 2023. Of particular emphasis are the following
between the Materiality analysis of 2022 vs 2023: (1) in 2022, the “Pollution” and “Water and effluents” topics were not included among the Group Material Topics, and are
therefore not comparable with 2023; the material topic “Sustainable innovation and circularity” can be traced back to two material topics in 2022 – “Sustainable innovation
of products, applications and processes” and “Efficient, sustainable and circular activities” – for the purpose of comparing 2022 vs 2023, the average of the values for the two
Material Topics was taken into account; (3) a partial review of impacts, risks and opportunities was conducted in 2023, without leading to a significant deviation in the very
nature of the topics.

Ethics and integrity
For Prysmian, ethics is a categorical imperative. We have always believed that a successful company cannot be
built without a solid foundation of ethical and moral principles. That is why we work every day to ensure responsible
conduct throughout the entire value chain. Our daily decisions and actions are constantly guided by our Code of Ethics,
Anti-Corruption Policy and Whistleblowing Policy. Being the bearers of innovative ideas for sustainable development
and adopting fair business practices while respecting human rights: this is what business ethics and integrity mean
for us. This is how over time we have consolidated the trust of our people, thousands all over the world, and all of our
stakeholders.
• More than 10 formalized Governance policies

• 0 Group infringements of anti-corruption regulations
• Significant Group contribution to the societies in which it operates deriving from taxes paid
• 100 information security events handled every month in 2023
Personal
Strict and private
Compliance
tax strategy data protection:
Cybersecurity
Business ethics and integrity: the pillars of sustainability

Prysmian strives constantly to promote business integrity and transparency throughout the entire value chain.
The complexity of business operations and the international scale of the Group mean that Prysmian is exposed to
possible infringements of applicable laws and regulations, with possible repercussions for stakeholders, including
employees, customers, contractors and suppliers. In addition, these infringements might damage the Company’s
reputation, adversely affect the socio-economic development of the communities in which it operates and restrict
market competition. Partly to mitigate these risks, Prysmian has defined governance rules and implemented a
system of internal controls that promote integrity and transparency among all business partners and stakeholders,
as well as strict processes that must be followed. The actions and procedures comprising the system of internal
controls are designed inter alia to provide credible, truthful information to the market about the Group’s activities, thus
increasing the confidence of current and potential investors in the business and encouraging them to adopt a long-
term approach to their investments.
The following sections describe the risks identified and the associated mitigation actions pursuant to Italian Legislative
Decree no. 254/2016 with reference to the 2023 material topic: “Governance, ethics and integrity”.
Risks identified
• Risk of non-compliance with the Code of Ethics, Policies and Procedures
• Risks of non-compliance with anti-corruption legislation
• Risks of non-compliance with Antitrust legislation
• Export-related risks (sanctions, restrictions, trade tariffs, etc.)
Description of risks
Code of Ethics, Policies and Procedures

The risks relate to violation of the Code of Ethics, the Policies and the Procedures, with the possibility of incurring
judicial or administrative sanctions, significant financial losses or reputational damage.
Anticorruption - The legislation and regulations focused on the fight against corruption have become ever stricter
in recent years. At the same time, organizations increasingly have to work in environments exposed to this risk, while
also complying with the myriad of related rules imposed by various countries around the world, including Italian
Legislative Decree 231/2001 and the Anti-corruption Law (Italian Law 190/2012) in Italy, the Foreign Corrupt Practices
Act (“FCPA”) in the United States and the Bribery Act in the United Kingdom. All these regulations pursue the same
objective: to fight and repress corruption. Prysmian’s business model requires constant interaction with numerous

third parties (suppliers, intermediaries, agents and customers). This is especially true in the Projects segment, where
the management of large international projects requires it to operate and engage in business relations in countries
that have significant levels of corruption (as shown by the Corruption Perception Index), often through commercial
agents and local public officials.
Antitrust - Prysmian’s strong international presence subjects the Group to the antitrust regulations of the various
countries in which it operates. Each of these is more or less severe in terms of civil-administrative liability and – where
applicable – criminal liability. Over the past decade, the various antitrust authorities have dedicated increasing
attention to the business activities of players in the Group’s market, evidencing a propensity for international
collaboration among themselves. Prysmian intends to operate in the marketplace in full compliance with the rules
protecting competition.
Control of Exports - Many countries have specific rules for international trade and apply laws and regulations that
govern trade in products, software, technologies and services, including financial transactions and brokerage. These
export control regimes, governed by the legislation of the United States, the European Union (see Art. 215 TFEU) and
the United Nations (see chapter VII of the UN Charter), impose restrictions on certain parties (individuals and entities)
and on certain categories and types of product. Failure to comply with the above may result in fines and criminal and/
or civil penalties, including imprisonment, with an adverse effect on the business, the financial situation and/or the
operating results of the Group, and might affect the ability of bond issuers to fulfil their obligations.
Mitigation actions adopted - Prysmian has deployed a series of organizational tools aimed at enacting the principles
of legality, transparency, fairness and loyalty through which it operates and adopts a series of initiatives to define its
people’s ethical-social and behavioral responsibilities. These documents, presented below, define how to carry out
activities and relate to colleagues, as well as how to pursue the ambitions of the Group, with particular regard for
environmental and social matters, including human rights.
Code of Ethics, Policies and Procedures

The Code of Ethics15 (hereinafter also “Code”) represents the «Constitution» of the Group, being the charter of rights
and moral duties that defines the ethical-social responsibilities of each member of the organization, consistent with
Prysmian’s Vision and Mission.
Acting as a veritable guide to daily behavior, the Code plays a strategic role for the Group as a fundamental tool for
preventing irresponsible or illegal conduct by those who work in the name and on behalf of Prysmian. In fact, it covers
all areas of compliance and also applies to business partners who deal with the Group and are required to read it. The
Code of Ethics lives and evolves in parallel with the development of the business and is always open to receive and
accept requests for legality and propriety received from stakeholders. The document is aligned with international
best practices and incorporates the principles embodied in the UN Universal Declaration of Human Rights and the
Fundamental Conventions of the International Labor Organization (“ILO”).
In this light, the Group adopted a Human Rights Policy16, based on various international standards (such as the
International Charter of Human Rights, Universal Declaration of Human Rights, the ILO Declaration on Fundamental
Principles and Rights at Work, the United Nations Global Compact, etc.) and applied in all Prysmian’s locations and
activities.
In addition, Prysmian has adopted a Sustainability Policy17that defines the vision and reference values for various
areas: Business Integrity, Governance, Products, Social and Environmental Responsibility. The Policy aims to provide
sustainability guidelines for all Group companies, based on the strategic priorities identified by Prysmian as part of its
medium/long-term vision.
Finally, the Group carries out training activities for all employees and, through the Risk & Compliance and Internal Audit
departments, constantly monitors compliance and the concrete application of these rules, not tolerating any type of
violation.
Anti-corruption - The Group has implemented a series of preventive actions relevant to the fight against corruption.
The most important was the adoption of an Anti-Corruption Policy18 that prohibits bribery of both public officials and
private individuals and requires Prysmian’s employees to respect it and, if more restrictive, to observe and comply with
all the anti-corruption laws in force in the countries where the Group operates.
Of the corruption prevention activities within the Group, the following actions are highlighted, which were put in
place by Prysmian during 2023:
• in line with the objectives set in prior years, it continued to monitor anti-corruption compliance, with the maintenance
of ISO 37001:2016 “Anti-Bribery Management Systems” certification by Prysmian S.p.A. (obtained in 2021) and
15 Prysmian Code of Ethics is made known to all stakeholders – external and internal – by publication on the corporate website www.prysmian.com, in the Ethics and
integrity section, and on the “Prysmian People” intranet https://www.prysmian.com/en/company/ethics-integrity
16 Prysmian’s Human Rights Policy is made known to all stakeholders – external and internal – by publication on the corporate website www.prysmian.com and on the
“Prysmian People” intranet https://www.prysmian.com/sites/www.prysmian.com/files/media/documents/prysmian_group_human_rights_policy_eng_firma-vb.pdf
17 This Policy, approved by the Group CEO, defines the commitments made by the business and the priorities, governance, strategies and vision linked to Sustainability. It
can be found in the sustainability section of the corporate website https://www.prysmian.com/en/sustainability/strong-commitment/integrated-sustainability-strategy
18 The Anti-Corruption Policy of Prysmian was approved in 2019 and most recently updated by the Board of Directors in 2023. It is made known to all stakeholders – external
and internal – by publication on the corporate website https://www.prysmian.com/sites/default/files/atoms/files/anti-corruption-policy.pdf, in the Ethics and Integrity section
and on the “Prysmian People” intranet.

by Prysmian PowerLink S.r.l., the subsidiary dedicated to the Projects segment. Alongside these certifications,
Top Management and each Regional CEO have signed Declarations of conformity confirming their commitment
to ensure: (i) understanding of the Group’s compliance policies and (ii) completion of the training activities and
initiatives;
• risk-based training activities on anti-corruption compliance were provided, both online and in classroom and
videoconference sessions;
• the “Third Party Program” was updated. This Group policy is intended to prevent and manage the risk of corruption
deriving from relations with agents, distributors and certain categories of supplier (“Third Parties”). In particular,
before establishing business relations with any Third Party, the Policy establishes that due diligence must be carried
out in relation to that party using a dedicated on-line platform.
As a result of the above activity, a level of risk (high, medium, low) is assigned to each Third Party that, consequently,
is subjected to an approval procedure that differs according to the level of risk that emerged. Furthermore, the due
diligence work must be repeated every 12, 18, 24 or 36 months, depending on the level of risk identified and the type
of Third Party concerned. Furthermore, the Code of Ethics (which includes an anti-corruption clause) is accepted
and signed by all contractors, suppliers and agents and, pursuant to the “Third-Party Program” Policy, all new Third
Parties must also sign the anti-corruption certificate;
• as part of the Compliance function’s annual plan, on-site visits were carried out, including, among other things, an
audit of sample transactions;
• in relation to Whistleblowing: the Group (i) updated its Helpline Policy19 (for more information, please refer to the
following section “Stakeholder Engagement”) in order to incorporate, among other things, the changes outlined
in Directive (EU) no. 2019/1937 and its significant implementing acts; (ii) had its ISO 37002:2021 “Whistleblowing
Management Systems” certification for the parent company Prysmian S.p.A. renewed, which confirms the
soundness of the Group’s whistleblowing management system.
The Conflicts of Interest (“COI”) Policy was issued in 2019, consistent with the Group’s ongoing commitment to
ensuring that the financial and personal interests of employees and consultants do not conflict with their ability to
perform their duties professionally, ethically and transparently. The Policy was approved by the Group’s Board of
Directors and published on the corporate intranet for employees to view.
The process requires - through a declaration that all desk workers in the Group are required to complete - that potential
conflict of interest situations be disclosed for appropriate assessment. In addition, again with reference to COI, a new
on-line platform was implemented in order to report potential conflicts of interest, whether within or outside the
business. In particular, all Prysmian employees were required to declare all personal or financial relationships that could
potentially result in a conflict of interest. The completion rate for the 2023 campaign was 98%, maintaining the same
level as in 2022 on a population of around 8,000 “Desk workers”.
The Gifts and Entertainment Policy was updated in 2021, which establishes a series of rules to be satisfied before giving
or receiving gifts or forms of entertainment. The policy distinguishes whether the parties involved are private firms or
government bodies/public officials. Also for this policy, an on-line platform was implemented that governs, based on
predetermined parameters, the process that employees must follow to offer/receive gifts or forms of entertainment
and obtain the required approvals.
Lastly, a specific Fraud Risk Management Policy was introduced in 2022 and distributed to all of the relevant Functions.
Antitrust - With regard to anti-competitive behavior and in compliance with the priorities defined in the ERM process,
the Group has adopted an Antitrust Code of Conduct20 worldwide that all directors, executives and employees of the
Group and, insofar as applicable, third parties, are required to know and follow in the performance of their duties and
in dealing with third parties. In addition, more detailed documents have also been adopted covering current antitrust
regulations in the European Union, North America, China and Australia.
The Antitrust Code of Conduct provides a clear overview of the risks associated with the failure to apply, or the improper
application of, competition rules including, in particular, those regarding cartels (both horizontal and vertical) and the
abuse of dominant positions. The Antitrust Code of Conduct is complemented by specific procedures as well as a
training program, both online and in the classroom, with the aim of raising awareness among all those who work on
behalf of and for Prysmian.
During 2023, in line with a risk-based approach, the Compliance function carried out a specific risk assessment activity
in some countries of the European Union and, at the same time, delivered training sessions for some of the Functions
most exposed to antitrust risks through classroom, videoconference and on-line training.
19 https://www.prysmian.com/en/company/ethics-integrity/helpline
20 The Antitrust Code of Conduct of Prysmian was updated and approved by the Board of Directors in 2019. It is made known to all stakeholders – external and internal –
by publication on the corporate website https://www.prysmian.com/en/company/ethics-integrity and on the “Prysmian People” intranet https://www.prysmian.com/sites/
default/files/atoms/files/2-Antitrust-Global-Code-of-Conduct.pdf

Control of Exports - In order to prevent and mitigate risk relating to exports, Prysmian has adopted a policy for their
management and control that includes the following actions:
• monitoring of the countries and parties subject to restrictions, as well as the level of the restrictions in force
• due diligence on the parties subject to restrictions, in order to avoid transactions with prohibited parties
• classification of products to determine the applicable export compliance requirements and understand where and
to whom they can be exported, as well as whether or not a license or other authorizations are required
• basic training for all employees on the topic and targeted training for persons in functions responsible for
international commercial transactions and the control of exports
• requests for product/technology end-user declarations that they or the buyer complies with the current export
regulations
With respect to Export Control, the Compliance Function supports the Group by implementing IT applications that
check all commercial and procurement transactions, on a daily basis, to avoid matches with the various Economic
Sanctions lists (USA, EU, UN etc.). In addition, given the changing geopolitical context and the application of severe
international sanctions, since 2018 Prysmian has started to classify its products with both civil and military (“dual use”)
applications. Commencing from 2020, the Compliance Function periodically delivers training sessions to employees
on this topic.
All Compliance Policies adopted by Prysmian are published on the corporate intranet and are available in all the most
important official languages of Prysmian as they are applicable to all employees. The following policies are published
on Prysmian’s corporate website in the Ethics and Integrity21 section: Code of Ethics, Human Rights, Helpline, Anti-
corruption and Antitrust Code of Conduct, as they also apply to various external stakeholders.
Each year, the Compliance Function holds specific meetings with the Regional CEOs and members of their teams
to examine the results of the current year’s compliance initiatives and discuss the plan for compliance activities in
the coming year. These meetings are held at regional level and are based on an overall analysis of business risks. The
outcome of these discussions guides the selection of monitoring activities, locations to be visited for on-site visits,
commercial agents to be checked and projects to be examined.
Stakeholder Engagement
As part of its own commitment to promoting ethical and legal behavior, Prysmian invites all of the Group’s stakeholders
to report any real or potential violations of the law, the Code of Ethics, and the Policies and corporate procedure, so
that they can be examined and dealt with appropriately. In order to create a culture open to reports and guarantee
the necessary conditions in terms of confidentiality and security, Prysmian has adopted a Helpline Policy that, among
other things, specifies the possibility for all Group stakeholders to report misconduct and alleged unlawful activities22. In
this sense, Prysmian has implemented several channels through which a report can be made, including anonymously,
which include dedicated telephone lines and a web portal, both managed by independent operators and available in
all official languages used by the Group.
In terms of reporting, on a quarterly basis, the Compliance Function, in its capacity as the Whistleblowing Management
Function pursuant to the ISO 37002:2021 standard, provides updates on the reports received during that quarter, as
well as on the progress of any investigations concluded or still on-going, relating to previous quarters to a special
committee called Helpline Committee.
The Helpline Committee is an internal cross-functional committee consisting of: Chief Risk & Compliance Officer,
Chief Internal Audit Officer, Chief Corporate Affairs Officer, Chief Human Resources Officer, VP Group Compliance and
Industrial Relations & Employment Governance & Security VP. Although most of the reports made are investigated
internally by the Functions in charge, in exceptional cases, external legal and investigative support is sought and critical
issues are reported to the Top Management in a timely manner.
In addition to the Helpline Committee, the Compliance Function reports the Key Performance Indicators (“KPIs”) of the
reports received during the quarter (e.g. new, closed, confirmed – all or in part – and unjustified matters, disciplinary or
corrective actions taken, analyzed by categories, region and country) to the Control and Risks Committee, which may
- in turn - request in-depth investigations.Corrective measures or disciplinary actions are adopted if the legitimacy of
these reports is confirmed by the investigative work carried out.
These measures are tailored specifically to each report and do not necessarily require or involve changes to corporate
policies or processes. In this regard, it should be noted that in 2022 Prysmian was audited and received – at the level of the
parent company Prysmian S.p.A. – the ISO:37002 Certification for its whistleblowing management system, becoming
one of the first companies in Italy in its sector to obtain this recognition. As anticipated above, this certification was
renewed in 2023. Additionally, in compliance with local legislation in the United Kingdom, Prysmian has adopted a
21 www.prysmian.com/en/company/ethics-integrity
22 Prysmian Helpline Policy is part of the Code of Ethics. It is made known to all stakeholders – external and internal – by publication on the corporate website, in the
Ethics and Integrity section, and on the “Prysmian People” intranet https://www.prysmian.com/sites/default/files/atoms/files/Code%20of%20Ethics_final_EN.pdf

policy and related procedures for handling complaints
The Helpline system and the reporting channels were used throughout 2023, as detailed below.
Reports received in 2023
In 2023, out of a total of 180 reports received, 160 were closed by 31 December. Of these 180, 36 were found to be
“confirmed” or “partly confirmed”, and in these cases a total of 65 corrective actions were taken, as more than one
corrective action was taken for some reports.
These corrective actions comprised: 30 policy or process revisions and specific corrective actions, 14 coaching and
training sessions, 9 dismissals and 1 resignation, 9 written or verbal warnings and 2 Performance Improvement Plans.
The 180 reports received in 2023 fell into the following categories:
• “HR, Diversity and Workplace Respect” (132 cases), including: Employee Relations (63 cases); Discrimination (21 cases);
Wage/Hours issues (17 cases); Policy Issues (11 cases); Workplace Violence & Threats (11 cases); Substance Abuse (5
cases) and Sexual Harassment (4 cases). Of the 132 reports, 114 were closed, of which 28 (25%) were classified as
“confirmed” or “partly confirmed”, broken down as follows: 14 under Employee Relations, 4 related to Policy Issues, 3
under Wage/Hours Issue, 3 under Workplace Violence, 2 under Sexual Harassment, and 2 related to Discrimination.
• “Business Integrity” (45 cases) of which: Conflict of Interest (20 cases); Theft of Goods/Services/Time (5 cases);
Product Quality (4 cases); Corruption (2 cases); Fraud (2 cases); Kickbacks (2 cases); Retaliation (2 cases); Misuse of
Assets (1 case), and Other (7 cases). By the end of 2023, 39 of these 45 reports were closed, of which 7 reports (18%)
were classified as “confirmed” or “partly confirmed”, broken down as follows: 3 under Conflict of Interest, 2 related to
Theft of Goods/Services/Time, 1 under Product Quality Concern, 1 under Misuse of Assets.
• In the Corruption and/or Kickback category, there were no “confirmed” or “partly confirmed” reports.
• “Environment Health and Safety” (3 cases), of which 1 was classified as “partly confirmed”.
Performance in 2023
With regard to anti-corruption issues, in 2023 Prysmian recorded the following figures: 12 members of the Board of
Directors of Prysmian S.p.A. (100%), 8,504 employees (of which 8,226 white collars and 278 external/sales agents, both
of them equal to 100%) and 4,350 business partners received communications about the organization’s policies and
procedures.
With regard to training on that topic, it should be noted that during the year, the specific campaign delivered in 2022
was renewed and offered to all newly hired employees (1,003 Desk Workers) and, in addition, to 24 Agents in LATAM.
With regard to the ongoing Antitrust investigations and litigation brought by third parties against Group companies
consequent and/or related to decisions adopted by the competent authorities, details of which are outlined in the
note on Provisions for risks and charges section in the Explanatory Notes to the Consolidated Financial Statements,
it should be noted that the Group has recorded a provision for risks and charges of about Euro 184 million as at
31 December 2023.
Although the outcome of the outstanding investigations and related disputes is uncertain, this provision is deemed to
represent the best estimate of liabilities based on the information available at the time of preparing this document. It
should also be noted that three investigations for alleged Antitrust violations, conducted by public authorities against
Group companies, were still underway in 2023. For further details, reference should be made to the note “Provisions for
Risks and Charges” in the Explanatory Notes to the Consolidated Financial Statements.
Lastly, again in 2023, no infringements of anti-corruption regulations were reported against the Group. Indeed, during
the period 2021-2023, the Group did not receive any significant penalties23 (monetary or otherwise) for non-compliance
with environmental, social or economic regulations. For the year 2023, an administrative penalty of approximately Euro
30,000 was assessed for the Marshall (Texas) factory, relating to a delay in uploading the documentation required by
the authorities.
Prysmian’s tax strategy

The ESG leadership of the Group is founded inter alia on an honest and fair tax strategy, compliant with regulations,
that bases relations with the tax authorities and third parties on cooperation and transparency. The guiding principles
for tax matters and the related governance procedures adopted by Prysmian are described below.
The following paragraphs describe the tax risks identified and the associated mitigation actions pursuant to Italian
Legislative Decree 254/2016 with reference to the 2023 material topic: “Governance, ethics and integrity”.
23 Significant monetary penalties mean fines above Euro 10,000.

Risk identified
Risks relating to possible improper applications (interpretations and/or errors and omissions) of tax law.
Description of risk
The complexity of the Group’s business activities and its international scale mean that it might not apply tax law
correctly (interpretations and/or errors and omissions), especially when the proper tax treatment of transactions
that cannot be categorized readily is unclear, not least due to the rapid evolution of tax regulations in many of the
jurisdictions in which Prysmian operates.
Such a situation exposes the company to possible legal proceedings, reputational damage and/or financial losses,
including fines/penalties.
Mitigation actions adopted

Prysmian adopts a tax strategy applicable to all Group companies that has been approved by the Board of Directors
of Prysmian S.p.A. This strategy is consistent with the fundamental values of honesty and propriety embodied in the
Code of Ethics, in order to minimize the substantive impact of any tax and reputational risks.
If there are uncertainties about the proper tax treatment of transactions that cannot be categorized readily, the Group
applies the tax treatment considered most proper and appropriate, having due regard for legitimate tax-saving
opportunities (if any), the opinions of subject experts and the best sector practices.
The company is committed to embracing sound and reasonable interpretations, taking a cautious approach in order
to avoid negative impacts for the Group. It should also be noted that the Group has tax provisions for about Euro 126
million as at 31 December 2023.
As a general principle, Prysmian adopts a transparent approach to dealings with the Tax Authorities and, in the event
of conflicting interpretations of the regulations, seeks proactive discussions with them, including requests for rulings,
so that an agreed solution can be found before its income tax declarations are filed. If the Group, again on the basis of
external opinions, does not agree with the position expressed by the Tax Authorities in the response to the request for
a ruling, it will adjust with a view to risk reduction but reserves the right to seek reimbursement and/or possibly pursue
litigation.
The Group has started to define and implement the Tax Control Framework (TCF): a system for managing and
monitoring tax risks that has already been applied to the Group’s Italian companies and is currently being extended
to the Group’s other companies. In fact, Prysmian is in favor of initiating “cooperative compliance” paths globally, while
within the Italian scope, in December 2021 the Group companies were admitted to the cooperative compliance regime
with the Italian Revenue Agency.
The tax strategy of Prysmian is founded on the following principles:
Compliance:
compliance with the law, regulations and circulars issued by the authorities on tax matters.
Legality:
satisfaction by all Group companies of their tax and tax payment obligations.
Sustainability:
efficient, effective and sustainable management of the tax variable, in order to support the Prysmian business
and, like all other aspects of our business operations, maximize shareholder value.
Integrity:
diligent exercise of professional judgment in order to ensure that all tax decisions are consistent with
domestic and international best practices, following proper analysis and with appropriate documentation.
Trust and transparency:

positive and transparent approach to the Tax Authorities, in order to develop and maintain fair and honest
relations.

The management of taxation is divided between the Parent Company’s tax function and the CFOs in each country,
as supported by specific tax teams in selected countries (e.g. Italy, USA). Tax advisors from leading firms/networks
are involved in addressing specific tax matters of particular complexity and/or importance, with coordination by the
Parent Company’s tax function.
The tax function is organized as follows:
• International Tax: support for the CFOs in each country, with the central management and coordination of transfer
pricing, the tax aspects of cross-border operations, non-routine and/or non-recurring transactions, inspections by
the Tax Authorities in relation to the above operations;
• Italian Tax: responsibility for compliance with the Italian regulations governing direct and indirect taxation (e.g.
calculation of taxes, preparation of tax returns), management of inspections by the Tax Authorities, provision of
advice and training to management on tax matters;
• “Tax Risk”: responsibility for tax governance, with a specific focus on the tax control framework;
• “Local Tax Focal point”: at local (individual entity) level, CFOs – supported, if present, by the “Local Tax” – are responsible
for: managing tax compliance; managing and disseminating the tax risk culture; facilitating the center-periphery
exchange of information on cross-border matters; promptly involving the Parent Company’s tax function in the
event of non-routine and/or non-recurring transactions; reporting any changes in the selection/management of
tax advisors.
In addition, to foster internal cross-functional coordination, the Group tax manager attends the meetings of the Audit
and Risks Committee at Prysmian S.p.A., in order to report on specific matters, as well as tax groups organized by the
leading trade associations.
Tax reporting in the countries in which the Group operates
Starting with the sustainability reporting for 2021, Prysmian has implemented a tax reporting model that supplements,
on a voluntary basis, the GRI 207-4 Country-by-Country Reporting (CbCR) information (see the “Requirements”
section) with data on the broader Total Tax Contribution (TTC), which is an ESG metric consistent with the standards
defined by GRI 207-4 (see the “Recommendations” section) and the World Economic Forum (WEF).
The reporting model is intended to provide the broad audience of corporate stakeholders with a concise and
immediate snapshot of the company’s fiscal position and contributions to countries’ economic and social systems.
Indeed, it makes it possible:
• on one hand, to provide an overview of the main economic, fiscal and equity figures representing the size of the
business in a given country;
• and on the other hand, to present in full the tax contribution made to the economic and social systems of the
countries in which the Group operates, including not just income taxes, but also the other taxes levied on the Group
(e.g. payroll taxes, taxes on products and services), and considering not only those taxes that represent a business
cost (Taxes borne), but also the taxes on third parties collected by the business on behalf of public administrations
using recharge, agency mechanisms etc. (Taxes collected).
In this sense, Prysmian – continuing on the path toward greater transparency and with a firm belief in the role played
by transparency in the tax realm – has made a significant effort that has made it possible to already report in this
document the figures for 2023, which are shown for comparative purposes with those for 2022.
Information is provided for the following geographical areas: (i) North America (NORAM), (ii) Central and South America
(LATAM), (iii) Europe, Middle East and Africa (EMEA) and (iv) Asia Pacific (APAC). Lastly, in each area, information is
provided concerning the main countries in which Prysmian carries on operations24.
All data is stated in millions of Euro – except for the number of employees (stated in units) – and rounded to the nearest
unit. The sum of rounded amounts may at times differ from the rounded total.
24 Brazil, Canada, United States, France, Germany, Italy, Netherlands, Spain, United Kingdom and China.

Country-by-Country Reporting (CbCR) in accordance with the Requirements section of GRI 207-4
The following section provides the information required by GRI 207–4 Disclosure and the data are represented based
on the reporting standard established by the OECD in Action 13 Country-by-Country Reporting25.
Regarding information about the reporting scope, the name of the entities and the tax jurisdiction in which the entities
are resident26, as well as the respective activity carried out, please refer to the appropriate appendix “Company and
branch detail for FY 2023”.
2023 Country-by-Country Reporting (Euro/million – except for the number of employees)
employees (FTE)
income tax paid
Tangible Assets
Related Parties
Total Revenues
Profit and Loss
Remuneration
on cash basis
income tax
Number of
before tax
Employee
Corporate
Corporate
unrelated
Revenue
Revenue
accrued
parties
2023
North America 1,056 4,905 5,961 612 227 164 7,146 1,556 548
Canada 425 502 927 62 26 19 682 127 53
United States 631 4,403 5,034 550 201 145 6,464 1,429 496
LATAM 409 1,853 2,262 125 24 55 3,275 509 125
Brazil 140 618 758 22 2 13 1,673 242 55
Other 269 1,235 1,504 103 22 42 1,602 267 70
EMEA 5,988 9,090 15,078 186 67 65 16,761 3,392 996
France 620 878 1,499 (11) 1 2 2,570 542 176
Germany 219 868 1,087 (21) 1 - 1,446 228 129
Italy 3,051 388 514 12 1 4 766 149 43
Netherlands 103 499 602 40 1 1 706 169 57
Spain 374 781 1,155 26 4 2 1,198 244 74
United Kingdom 62 556 617 30 5 5 1,046 160 67
Other 1,559 5,120 9,604 111 54 51 9,029 1,900 449
APAC 365 1,097 1,462 21 11 15 2,903 312 98
China 239 411 650 30 5 8 1,608 138 40
Other 126 686 813 (9) 6 7 1,295 174 58
Total 7,818 16,945 24,764 944 329 299 30,085 5,769 1,767
25 Any differences with respect to the consolidated financial statements are mainly attributable to: i) the OECD Action 13 Country-by-Country Reporting criteria, which call
for aggregated rather than consolidated information; and ii) consolidation adjustments, made in accordance with the accounting standards adopted when preparing the
consolidated financial statements, and not allocated to individual Prysmian’s entities. In evaluating the data, should be also considered that
Revenue from related parties and Revenue from unrelated parties include non-recurring and financial income, as well as revenues from ordinary operations. However, they
do not include dividends received from other legal entities within the Group. Revenue from related parties also includes the revenues deriving from transactions carried out
between group entities that are residents of the same tax jurisdiction.
Profit (loss) before taxes does not include dividends received from other group entities.
Corporate income tax paid comprises the income taxes paid during the reporting year, regardless of the tax year to which they relate. They do not include taxes on dividends
received from other group entities.
Corporate income tax accrued comprises the current income tax charge for the year. The total amount does not include deferred taxes, provisions for unconfirmed tax
liabilities or the taxes on dividends received from other legal entities within the Group.
Reasons for the difference between Corporate income tax accrued and the theoretical tax due (GRI 207-4-b-x) are described in the 2023 Consolidated Financial Statements;
The Number of employees (FTEs) is calculated at year end using the Full-Time Equivalent (FTE) methodology;
Property, plant and equipment comprise the net carrying amount of property, plant, equipment and inventories.
26 It should be noted that as the data were not available on a timely basis and given their irrelevance in terms of amount, for representative purposes the data on permanent
establishments are reported in the tax residence jurisdiction of the entity to which they belong (the “Main Entity”).

2022 Country-by-Country Reporting (Euro/million – except for the number of employees)
Revenue Related
unrelated parties
employees (FTE)
Tangible Assets
income tax paid
Total Revenues
Profit and Loss
Remuneration
on cash basis
Number of
income tax
Employee
Corporate
Corporate
before tax
Revenue
accrued
Parties
2022
North America 1,103 5,391 6,494 594 137 190 7,246 1,495 534
Canada 386 701 1,087 66 14 18 713 142 57
United States 717 4,690 5,408 528 123 172 6,534 1,353 477
LATAM 457 1,521 1,977 44 20 29 3,337 488 103
Brazil 137 607 744 15 1 15 1,621 204 47
Other 320 914 1,234 29 19 14 1,716 284 56
EMEA 6,397 8,924 15,320 (151) 75 61 17,044 3,071 921
France 579 1,009 1,587 (71) 4 3 2,643 503 174
Germany 230 896 1,126 (5) 1 - 1,449 234 110
Italy 3,424 401 506 (10) - - 747 135 39
Netherlands 111 469 580 16 1 1 740 167 53
Spain 378 784 1,162 3 1 2 1,173 232 68
United Kingdom 72 629 701 16 3 5 1,128 156 66
Other 1,604 4,735 9,658 (100) 65 50 9,165 1,643 412
APAC 339 1,202 1,542 3 8 14 2,898 328 102
China 221 466 687 15 5 5 1,634 136 43
Other 119 736 854 (12) 4 9 1,264 191 59
Total 8,296 17,038 25,333 491 240 294 30,525 5,381 1,660
Total Tax Contribution (“TTC”)
Information about the total tax contribution is presented below. This information covers the full range of taxes paid in
the countries where Prysmian is present. The data has been collected and presented on a cash basis, as this is deemed
to be the best way to report the actual total tax contribution made27. As mentioned above, the taxes paid comprise both:
• Taxes borne – taxes that represent a cost for Prysmian, and

• Taxes collected – taxes on third parties, collected by Prysmian on behalf of the public administrations using agency
and similar mechanisms28.
The taxes borne and collected are categorized as follows29:
• Profit taxes – income taxes30;

• People taxes – payroll taxes;
• Product taxes – taxes on products and services;
• Property taxes – property and related taxes;
• Planet taxes – environmental taxes.
27 It should be noted that as the data were not available on a timely basis and given their irrelevance in terms of amount, for representative purposes the data on permanent
establishments are reported in the tax residence jurisdiction of the entity to which they belong (the “Main Entity”).
28 Despite not representing a cost for Prysmian, these taxes are included as part of the TTC because they also derive from the economic activities carried out.
29 The following tax categories are considered:
Profit – income taxes: this category comprises both corporate income taxes borne (e.g. corporate income taxes applied at national or local level, taxes on productive activities,
as well as withholding taxes) and collected, if levied on a third party (e.g. withholdings on interest, royalties).
People – payroll taxes: this category includes all payroll-related taxes, including income taxes and social security contributions. The taxes levied on the employer are considered
to be taxes borne (e.g. social security contributions, health insurance, pensions, disability contributions), while the taxes levied on workers are considered to be taxes collected
(e.g. personal income taxes and social security contributions charges to workers, which are usually withheld by the employer).
Products – taxes on products and services: indirect taxes applied to the production, sale or use of goods and services, including taxes and tariffs levied on trade and
international transactions. This category includes taxes that may be paid by businesses with reference to their consumption of goods and services, regardless of whether paid
to the supplier of the goods and services, or directly to the government. This category includes both taxes borne (e.g. consumption taxes; turnover taxes; excise taxes; customs
duties; import duties, taxes on insurance contracts; non-deductible VAT) and taxes collected (e.g. net VAT paid).
Property – property taxes: taxes on ownership, usage or the transfer of tangible or intangible assets. This category comprises both taxes borne (e.g. taxes on ownership and the
use of property; taxes on capital applied to increases in risk capital, transfer taxes on the purchase or sale of assets, equity and capital transactions; registration taxes; stamp
duty on the transfer of property; stamp duty on the transfer of shares) and tax collected (e.g. taxes on lease payments collected by the lessor and paid to the government).
Planet – environmental taxes: taxes and levies on energy products (includes vehicle fuel); on motor vehicles and transport services; and on the supply, use or consumption of
goods and services considered to damage the environment. Examples of planet taxes include: taxes and excise duty on electricity and gas, taxes on the production of nuclear
fuels, carbon taxes and taxes on hydrocarbons.
The data was collected in foreign currency and translated using the average exchange rates for the year.
30 Consistent with the Total income tax paid (on cash basis) reported in the table containing the GRI 207-4 data, Profit Tax Borne does not include the taxes on dividends
received from other group entities.

The total tax contribution made by Prysmian in 2023 amounted to Euro 1,901 million: 63% collected and 37% borne.
2023 Total taxes paid
2023 Total taxes paid
63% Taxes Collected: 1,192 M€

1.901 M€
37% Taxes Borne: 709 M€
63% Taxes Collected: 1,192 M€

1.901 M€
37% Taxes Borne: 709 M€
The total tax contribution is spread among the four geographical areas in which the Group operates, in a manner
consistent with the distribution of revenue and the level of employment: EMEA represents 62% of the Group’s total
contribution, North America 23%, Central and South America 10% and APAC 5%.
2023 Distribution of the total contribution
2023 Distribution of the total contribution

866
866
158
321
276
Taxes Collected 158
111
321 57
Taxes Borne 276 71
Taxes Collected 41
EMEA North America 111
LATAM APAC
Taxes Borne 57
71 41
EMEA North America LATAM APAC
Compared with 2022, the total tax contribution has risen by Euro 224 million (+13%).

This increase comprises both higher taxes borne and higher taxes collected and mainly involved (i) profit taxes borne
of Euro 95 million, (ii) people taxes borne of Euro 26 million and (iii) people taxes collected of Euro 103 million.
Geographically, the increase in TTC concerned, albeit with varying degrees of intensity, EMEA, NORAM and LATAM.
Please refer to the analysis regarding the main countries in which the Group operates for an overview of the main
factors that triggered the trends in the different tax categories.
Taxes borne
In 2023, taxes borne amount to Euro 709 million. The main share is related to profit taxes, accounting for 47%. People
taxes and product taxes account for 38% and 11% of total taxes borne, respectively. Of lesser importance are property
taxes (4%) and planet taxes (less than 1%).
Tax borne
47% Profit Taxes: 334 M€

38% People Taxes: 271 M€
709 M€ 11% Product Taxes: 76 M€
4% Property Taxes: 25 M€
0% Planet Taxes: 3 M€
Compared to 2022, taxes borne increased by about Euro 106 million (+18%), mainly due to the increase in profit taxes
and people taxes.
Taxes collected
In 2023, taxes collected amount to Euro 1,192 million. The main share is related to product taxes, accounting for 63%. On
the other hand, people taxes account for 36% of total taxes collected. Of less significance are profit taxes (1%) and other
taxes (which individually account for less than 1%).
Tax collected
63% Product Taxes: 750 M€

1,192 M€ 36% People Taxes: 434 M€
1% Profit Taxes: 8 M€
Compared to 2022, taxes collected increased by about Euro 119 million (+11%) mainly due to an increase in people taxes.

Focus on the 10 main countries in which the Group operates
The total tax contribution is mainly concentrated in Brazil, Canada, the United States, France, Germany, Italy, the
Netherlands, Spain, the United Kingdom and China, consistent with the distribution of revenues and the number of
employees.
These ten countries, together making a tax contribution of about Euro 1,404 million, or roughly 74% of the total for the
Group, in fact generate about 72% of the Group’s revenues and employ 65% of all personnel.
Details are provided below of the total tax contribution for 2023 and for comparative purposes for 2022 for main
countries.
Table analyzing the total tax contribution in 2023 by geographical area (Euro/million)
United Kingdom
North America
United States
Netherlands
Germany
Canada
LATAM
France
EMEA
Other
Other
Other
China
APAC
Spain
Brazil
Total
Italy
2023
Tax Borne 280 30 250 67 18 49 323 72 21 83 8 24 16 99 39 17 22 709
Profit 227 26 201 24 2 22 72 2 1 31 1 4 5 28 11 5 6 334
People 34 3 31 21 11 10 201 62 17 49 6 17 7 43 15 8 7 271
Product 9 - 9 20 4 16 33 4 3 1 - 1 1 23 14 4 10 76
Property 9 1 8 1 - 1 14 5 - 2 - 2 2 3 1 1 - 25
Planet - - - - - - 3 - - - 1 - - 2 - - - 3
Tax Collected 162 40 122 107 34 73 869 86 92 178 96 111 86 220 55 10 45 1,192
Profit - - - 3 1 2 5 - - 3 - - - 2 - - - 8
People 111 15 96 46 11 35 259 31 27 106 14 21 19 41 18 7 11 434
Product 50 25 25 58 22 36 606 55 65 69 82 90 67 178 37 3 34 751
Property - - - - - - - - - - - - - - - - - -
Planet - - - - - - - - - - - - - - - - - -
Total Tax
442 70 372 174 52 122 1,190 158 113 261 105 135 103 315 95 27 68 1,901
contribution

Total tax contribution in 2022 (figures in millions of Euro)
United Kingdom
North America
United States
Netherlands
Germany
Canada
LATAM
France
EMEA
Other
Other
Other
China
APAC
Spain
Brazil
Total
Italy
2022
Tax Borne 183 18 165 73 15 58 307 63 38 81 7 19 13 86 40 17 23 603
Profit 137 14 123 20 1 19 72 4 1 40 1 1 3 22 9 5 4 238
People 31 3 28 17 8 9 182 51 30 39 5 15 6 36 14 7 7 244
Product 7 - 7 35 5 30 35 3 7 1 - - - 24 18 5 13 95
Property 8 1 7 1 - 1 13 5 - 2 - 2 2 2 1 1 - 23
Planet - - - - - - 3 - - - 1 - - 2 - - - 3
Tax Collected 122 25 97 76 27 49 817 95 98 102 85 94 84 259 59 7 52 1,074
Profit - - - 4 1 3 1 - - - - - - 1 1 - 1 6
People 87 14 73 41 9 32 184 22 34 55 13 14 14 32 17 6 11 329
Product 35 10 25 31 17 14 631 73 64 46 72 80 69 227 42 2 40 739
Property - - - - - - - - - - - - - - - - - -
Planet - - - - - - - - - - - - - - - - - -
Total Tax
305 42 263 149 42 107 1,124 159 136 183 92 112 96 346 99 24 75 1,677
contribution
In general, in the top ten countries where Prysmian operates, an increase in taxes paid can be observed between
2023 and 2022. This increase is mainly attributable to two factors: (i) the increase in people taxes borne and
collected due to the increase in salaries for the year, applied in accordance with the Group’s Remuneration Policy
and Incentive Plans, which in some countries is associated with increased employment levels; and (ii) higher profit
taxes borne attributable to the increasing trend in taxable income over the years and the mechanisms for paying
these taxes.
From a more detailed analysis, the most significant changes in the tax contribution in the ten main countries where
Prysmian operates concern:
• Canada, where there is an increase in taxes paid, both borne and collected, due to (i) higher profit taxes borne of
Euro 13 million attributable to payments made in 2023 in relation to 2022, a tax period in which an increase was
recognized in taxable income and (ii) higher product taxes collected of Euro 14 million due to an increase in the level
of transactions subject to this type of tax;
• The United States of America, where there is an increase in taxes paid, both borne and collected, due to (i) higher
profit taxes borne of Euro 78 million attributable to the income tax payment mechanism and, in particular, balance
payments made in 2023 relating to 2022, a tax period in which an increase was recognized in taxable income,
and (ii) higher people taxes collected of Euro 22 million attributable to an increase in remuneration recognized to
employees;

• Brazil, where there was an increase in taxes paid, both borne and collected, as a result of (i) higher people taxes
borne of Euro 3 million attributable to both an increase in remuneration paid to employees and an increase in
employment levels, (ii) higher product taxes collected of Euro 4 million consistent with the increase in revenues
and (iii) higher people taxes collected of Euro 2 million for the same reasons as those described in relation to people
taxes borne;
• France, where there was (i) an increase in taxes borne as a result of higher people taxes borne of Euro 11 million
relating to an increase in the remuneration paid to employees and (ii) a decrease in taxes collected as a result of
lower product taxes of Euro 18 million, consistent with the contraction in revenues despite a Euro 9 million increase
in people taxes collected attributable to higher salaries;
• Germany, where there is a reduction in taxes borne due to lower people taxes of Euro 12 million compared to 2022,
when extraordinary contributions were made to employee pension funds. The total amount of taxes collected
remains almost stable due to the effect of (i) lower people taxes of Euro 5 million for the same reason as that
described in connection with people taxes borne and (ii) higher product taxes of Euro 5 million relating to the
increase in domestic revenues on which these types of taxes apply;
• Italy, where there is a slight increase in taxes borne and a more significant increase in taxes collected. With regard to
taxes borne, we note (i) higher people taxes of Euro 13 million attributable to both an increase in the remuneration
paid to employees and an increase in employment levels and (ii) lower profit taxes of Euro 11 million compared to
2022, the year in which taxes relating to previous years were paid.
On the other hand, with regard to taxes collected, there are (i) higher people taxes of Euro 47 million due to the
same reasons as those described in relation to people taxes borne and (ii) higher product taxes of Euro 18 million
consistent with the increase in revenues.
• Spain, where there is an increase in taxes paid, both borne and collected. Taxes borne increased as a result of
(i) higher profit taxes borne of Euro 3 million and (ii) higher people taxes of Euro 2 million attributable to both
an increase in remuneration paid to employees and an increase in employment levels. Taxes collected increased
due to (i) higher product taxes collected of Euro 10 million attributable to an increase in the level of transactions
subject to this type of tax and (ii) higher people taxes of Euro 7 million for the same reasons as those described in
connection with people taxes borne.
• The Netherlands, where there was mainly an increase in taxes collected due to (i) higher product taxes of Euro
11 million consistent with the increase in revenues and (ii) higher people taxes of Euro 4 million attributable to an
increase in remuneration recognized to employees;
• The United Kingdom, where there is an increase in taxes paid, both borne and collected. Taxes borne increased
as a result of (i) higher profit taxes of Euro 2 million and (ii) higher people taxes of Euro 1 million attributable to an
increase in remuneration recognized to employees.
Taxes collected increased due to the combined effect of (i) higher people taxes of Euro 5 million due to the same
reasons as those described in connection with people taxes borne and (ii) lower product taxes in the amount of
Euro 3 million, correlated with the decline in revenues.
• China, where there is mainly an increase in taxes collected due to higher people taxes of Euro 2 million.
International Tax Reform – Pillar Two
As better described in Section B. ACCOUNTING PRINCIPLES of the Explanatory Notes, the Organization for Economic
Cooperation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (OECD/G20
BEPS) has released the Pillar Two anti-Base Erosion rules (“Pillar Two”) aimed at addressing the tax challenges arising
from the digitization of the global economy through four new tax mechanisms, requiring multinational enterprises
with consolidated revenues exceeding Euro 750 million to pay a minimum level of income taxation.
The rules of Pillar Two, applicable from the fiscal year 2024, have been substantially adopted by various jurisdictions
in which the Group operates. Therefore, the Group falls within the scope of application of the substantially adopted
Pillar Two rules and has assessed its potential exposure to these rules based on tax declarations, country-by-country
reporting, and the most recent financial statements of Group companies.
Based on this assessment, it has been determined that, for the majority of jurisdictions in which the Group operates,
the effective tax rate is higher than 15%.
However, there might be a limited number of jurisdictions where the exemption provided by the safe harbor is not
applicable, and the tax rate for Pillar Two purposes is close to 15%. The Group, demonstrating its transparency in tax
matters and a policy not geared towards evasive strategies, does not anticipate a significant impact from the exposure
of these jurisdictions to Pillar Two regulations.

Cybersecurity
Creating value for our stakeholders also means protecting their personal and sensitive data and adopting
operational procedures that preserve and leverage the wealth of information owned by the Group.
Below is the identified risk and related mitigation actions pursuant to Italian Legislative Decree 254/2016 (Consolidated
Non-Financial Statement).
Risk identified
In a rapidly changing world where information has significant value and there is growing interoperability between
networks, systems and applications, it is increasingly complex to manage and protect information assets, ensuring
compliance with applicable regulations. This increased complexity – combined with the proliferation and evolution of
persistent cyber threats – exposes companies to new kinds of risks, whose harmful effects could have a serious impact
in terms of financial loss, brand reputation, compliance, data leakage and business interruption.
In this ever-changing scenario, it is progressively challenging to achieve a secure environment, minimizing potential
adverse impacts on business operations, and guaranteeing compliance with regulatory requirements.
This complexity is particularly relevant for manufacturers that continue to focus on significant innovation in products,
services, production processes and industry ecosystems in order to be competitive in a changing global marketplace,
adopting new technologies to ensure customer centricity and increase value-added services as well as business
efficiency.
Prysmian carried out a quantitative assessment, including scenario/sensitivity analyses, of the impact of cyber-attack
risk on manufacturing operations, considering the entire life cycle of assets, the increasing use of IoT systems in
operations, and the likely acceleration of these technologies due to energy transition programs. Based on the “possible”
future scenarios defined by the IEA, this analysis confirms a medium impact in the mid-term, with rising operating
costs and a medium to high impact in the long term.
Mitigation actions
In this context, Prysmian has developed its Information Security Strategy, the main objective of which is to establish
general guidelines for effectively and efficiently managing, monitoring and protecting the Group’s information assets.
The Group’s Information and IT Security structure consists of a Cyber Security Competence Center that reports
directly to the Chief Information Security Officer (CISO), a member of the headquarters HR staff.
Also in accordance with the NICE and ECSF frameworks, to provide a common descriptive language and enable
workforce continuity, the unit is divided into five areas of specialization based on activities, expertise, knowledge and
professional roles:
1. Security Culture, Governance and Assurance;

2. Security Architectures and Engineering;
3. Security Operations and Analysis;
4. Security Digital Forensic and Incident Response;
5. Industrial Control Systems Security.
The organizational structure calls for the involvement of the Lines of Business in IT security activities through the
Information Security Committee, chaired by the SVP Industrial Relations & Employment Governance & Security (CSO)
and permanently consisting of the Group CIO and Chief Digital Officer, the Chief Risk & Compliance Officer, the Director
of Internal Audit, the SVP Group Operations, the Chief HR and Organization Officer as well as the CISO.
The Group has adopted a comprehensive set of policies, procedures and operating instructions with the aim of
managing and governing, at different levels of detail, issues and processes related to information security, in application
of the Information Security Strategy and its Framework.
Documents related to security, such as policies, procedures, operating instructions and recommendations, are
systematically revised and shared with employees, published on the corporate intranet and made available via specific
on-line training.
In 2023, the Group’s second Cyber Security program was completed, the three-year strategic roadmap was successfully
implemented and activities aimed at strengthening information security and consolidating the maturity achieved
were carried out through a set of actions to reduce overall cyber and compliance risks.

Some significant initiatives carried out during the year:
1. The operation of the newly acquired security technologies was consolidated, significantly maintaining the Group’s
overall level of security, ensuring that increased and exacerbated emerging technological risk is adequately limited
and managed: the necessary and ongoing updating of the corporate controls and processes designed to safeguard
information assets provides further protection of industrial know-how and competitiveness in the market. The
current reliable and well-established technology stack makes it possible to weigh fully the interplay between IT
security, privacy, ethics and transparency, in order to better represent the values of each component and meet fully
the expectations of the Company, fostering cross-organizational cooperation.
2. An organization’s cyber capabilities grow as employees understand more about cyber risks and their role and
responsibilities in recognizing and managing them. The online training courses and “Cyber Security Culture”
readiness exercises (simulated attacks with a personal impact) are mandatory for all employees. Covering the new
and emerging risks, they include those associated with the extensive use of remote working.
Since 2023, blue-collar categories have also received compulsory training in production- and factory-related risks,
while over 90% of new hires have successfully completed specific on-boarding training.
The enhancement of periodic multi-channel campaigns (via e-mail and through corporate social media) has
further facilitated the learning, processing and consolidation of content, making training even more engaging
and effective
3. Alongside the established training provided to all Group employees, the first Qualified Information Security Training
Program was held in 2023. The program is aimed at individuals in those functions that work most closely with
Security and play a significant and synergistic role, in their own function, for Group Security.
Already in its first year, the Program has been an important step for improving the integrity and value of corporate
security, in the different lines of business, as well as an opportunity to develop personal and professional expertise
at both technical and cultural levels in Cyber Security. In 2023, 12 colleagues successfully completed the three
progressive level trainings conducted in cooperation with RINA Academy, completing the Program until they
obtained the ISO27001:2022 Lead Auditor qualification.
4. The year’s geopolitical events confirmed the accuracy of the strategies established in 2022; information security
tactics and operational activities around the world responded effectively to both the changes that have occurred
and the persistence of conditions of consolidated increased risk.
The need for a strategic vision to understand and limit the risks triggered by unpredictable cyber weapons and
rampant information wars has been fully reflected in the activities of the Information Security Committee.The
Committee met 6 times during the year, to monitor continuously the development of major events, highlight and
document threats, analyze and inform the business lines involved, and supervise and sponsor specific activities and
initiatives at the branches in the countries concerned.
The process of managing IT security risks is based on the ISO/IEC 27005 international standard and extends the
existing general process for the management of business risks adopted by the Group. This process attaches proper
importance to security measures, linking them with known threats and risks, and draws on the results of the analysis
driven by the Threat Model.
After this analysis, the risks considered unacceptable with respect to the Group’s risk profile will be mitigated by
defining and implementing risk management actions, which will be appropriately prioritized with reference to the
levels of risk identified.
Dependency on Group vendors and on outsourced products and services for the support of critical IT operations
increases the Company’s exposure to cyber risks and attacks. The latest and most advanced vectors of cyber-attacks
are directed at suppliers, making additional requirements for constant supervision and monitoring of the security of
the Group’s third parties necessary.
The Group is continuously and consistently monitoring the security of its digital footprint with the support of cyber
scoring agencies and this discipline is applied across the extended ecosystem: the primary scoring agency is Security
Scorecard which has measured the maturity of corporate security in 2023 with a stable score of 89 (out of 100).
This score is calculated in real time using a proprietary algorithm that examines two extrinsic, observable classes of
data: configuration information (which represents the diligence of a company in implementing risk mitigation best
practices) and security events recorded (such as system compromise, data breach, breach of confidentiality or breach
of information integrity).
Security incidents as well as identifiable and attributable vulnerabilities can have a negative impact on the overall
assessment and must be considered and resolved in a timely manner. The Group is committed to ensuring and
maintaining a score that exceeds 85/100.
If the risk factors are not properly managed with corrective measures and action plans, the confidentiality, integrity
and availability of Group information cannot be properly protected. This may result in damage or financial losses (loss

of market competitiveness due to margin reduction or cost increases), brand reputational losses, operational losses
(business interruption or process delays) and legal losses (non-compliance with regulations, laws and contractual
requirements).
At the beginning of 2019, the Group defined and adopted a series of performance indicators to evaluate the level of
information security. By systematically using KPIs and KRIs, Prysmian can obtain a continuous and updated overview
of security, detecting potential deficiencies and addressing them in a timely manner.
These indicators cover all areas of the information security framework defined at Group level, targeting two different
needs: business metrics provide the management with the clearest and most direct status information, while technical
metrics measure the efficiency and adequacy of the technological solutions adopted.
Once again during 2023 the Information Security Committee supervised the operating plans for the implementation
of planned initiatives, with periodic updates.
In 2023, about 100 information security events (“incidents”) of varying severity were managed every month. In addition,
31 Internet domains used for malspam, phishing and ransomware campaigns were identified and reported to the
competent authorities.
Furthermore, each month more than 200 security clearances were issued, authorizing significant changes to IT
systems or providing access to the company’s critical resources. Lastly, 25 internal investigations were conducted to
contain and prevent theft and fraud, and to tackle potential reputational damage.
Prysmian, a strategic business for its national and European know-how, has continued the collaborations envisaged by
its membership of associations and consortia, as well as under conventions with domestic and international institutions,
in the form of information sharing about significant cyber events, including attacks on its own IT infrastructure.
Growing concerns about an increasingly fragmented and unpredictable world have also triggered a major change in
the perceived effectiveness of the cyber security and privacy regulations.
Some aspects of the standards today represent genuine compliance challenges; however, local and international
certification and attestation regulations and standards are increasingly seen as a suitable and appropriate approach to
ensuring greater IT security and system resilience
In 2023, certification of Prysmian S.p.A.’s ISO/IEC 27001:2013 information security management system was confirmed
by Bureau Veritas in the areas of Cyber Security, Information Security and Incident Management. Regarding the
governance of foreign subsidiaries, Cyber Essentials and Assurance certifications were confirmed in 2023 for the UK
subsidiaries and Level 1 CMMC compliance for the Group’s U.S. subsidiaries.
Autonomous indicators
Description UM 2023 2022 2021
Number of Information Security training courses Number 27 18 13
Avg time for high-risk vulnerability resolution Weeks 15 15 17
Percentage of log sources integrated with SIEM(*) solution Percentage 89 89 83
Number of Security incidents Number 1,199 707 780
Percentage of cyber-attacks on total security incidents Percentage 1 3 7
Avg time for forensic activities after an incident Hours 4 4 4
(*) Security software that helps recognize potential security threats and vulnerabilities before they have a chance to disrupt business operations.

Environmental responsibility
Prysmian’s ambition is to be the global benchmark in sustainability. And we nurture this ambition every day with
concrete actions. We are working to be the technology player of choice in the low-carbon transition. Our investments
are aimed at increasingly improving sustainability throughout our entire value chain to accelerate the development of
cutting-edge cable technologies, assets and services. We are committed to the development of greener and smarter
electricity grids, with the awareness that thinking green means thinking about digitalization. Because it will only be
possible to create a virtuous and sustainable economy if it goes hand-in-hand with new technologies and an efficient
system of information flows.
• Euro 25,000,000 of environmental investments in 2023

• A- rating in the CDP environmental reporting system in 2023 (Leadership band)
• 9,631,104 GJ (-3,4% vs previous year) of energy consumed in 20233
• 72% (+1% vs previous year) waste sent for recycling in 2023
• WASH PLEDGE signed, in line with Group HSEE policy commitments
Environmental
investments
Biodiversity Energy
GHG
Water
Emissions
Other
Circular
atmospheric
economy
emissions
Waste

Decree no. 254/2016 with reference to the 2023 material topic: Sustainable innovation and circularity.
Risk identified
Environmental risks
Description of risk
The Group’s manufacturing activities are subject to specific environmental regulations. These include the management
of raw materials, energy resources, hazardous substances, water discharges, atmospheric emissions and waste, as
well as the prevention of pollution and minimization of the impact on environmental matrices (soil, sub-soil, water
resources, atmosphere, biodiversity and impacts on nature).
Furthermore, changes in these regulations tend to impose increasingly stringent requirements on firms, often calling
for improvements in technology (best available techniques) and the relevant risk prevention systems, which generate
additional costs. For these reasons, despite the Group’s strong, ongoing commitment to environmental protection, its
business operations might still have an impact on environmental matrices, with possible implications for the continuity
of production and economic and reputational consequences.

The Group is actively committed to safeguarding and protecting the environment and conserving natural resources,
in order to create sustainable value for the benefit of both the organization and our stakeholders. The Group’s
commitment to these aspects is expressed not only by the intrinsic characteristics of our products, but also by how
our production systems are managed. In particular, the prevention and reduction of their environmental impact is
achieved, for example, by the efficient use of natural resources, the optimization of logistics flows and the responsible
management of waste.
Prysmian’s commitment is evidenced, both internally and externally, by communicating and applying its Health,
Safety, Environment and Energy policy, (as explained in the section dedicated to Circularity). In order to prevent and
mitigate environmental risks, the Group has adopted an ISO14001-certified environmental management system at
98% of its production locations.
Environmental matters are managed centrally by the Health, Safety & Environment (HSE) function. In coordinating
the local HSE functions, this function adopts systems intended to guarantee strict compliance with the regulations
in accordance with best practices, collects and analyses environmental data using a centralized platform, monitors
the exposures to risk using specific indicators, organizes specific training and carries out audit work at the production
locations.
In line with the HSEE Policy, the centralized HSE management system (compliant with the ISO 14001 and ISO 45001
standards) is being updated to integrate Energy (in line with the requirements of the ISO 50001 standard), and by
the end of 2024 will be adopted by all Group business units in the new HSEE version. Meanwhile, over 12% of sites
have already implemented the Energy Management System by obtaining ISO 50001 certification, in several countries
such as Germany, Turkey, the Netherlands, Costa Rica, Colombia, France and Hungary, in addition to at the Milan
Headquarters.
Environmental performance of Prysmian
At the end of 2023, the percentage of ISO14001-certified production sites, concerning Environmental
Management Systems, is 98%, while the ISO45001-certified ones, concerning Health and Safety Management
Systems, is 75%. Various types of organizational unit within the Group have also been certified, such as R&D,
installation activities, and assembly and distribution centers, etc., adding up to 6 ISO 14001 certificates and 6
ISO 45001 certificates.
The matters identified during periodic internal audits or visits by external bodies are managed directly by the sites
concerned, which determine the actions to be implemented and the related timing. Where it is not possible to meet
the deadline set for compliance, the management at the sites concerned arranges, with support from the country
HSE function, to contact the supervisory bodies, confirming the willingness of Prysmian to implement the necessary
measures and justifying the request for an extension of the original deadline.
Market requirements for environmental product assessment were also met during 2023, most of which consisted of
certified Environmental Product Declarations (EPDs) or, as the case may be, “Carbon Foot Print” (CFP) certifications

or the maintenance of previous certifications, according to the needs expressed by certain customers in their tender
access requirements as well as internally for various types of initiatives.
From the methodological perspective, as required by the related regulations, EPDs evidence an in-depth study of
the environmental impact of the products concerned, considering all phases in their life cycle from the manufacture
of their raw materials to their end-of-life and transmission into waste, including the related production processes,
as well as installation and usage (Life Cycle Assessment – LCA). EPDs do not merely calculate the carbon footprint
(represented by greenhouse gases), but extend the analysis to around 20 other environmental impacts.
The assessments and certifications were conducted in accordance with the specific EPD Product Category Rules
(PCRs) devised by Program Operators in the various countries, selecting those applicable depending on the case
and as requested for competitive tendering. With this year’s contribution, certified EPDs totaled about one hundred,
covering roughly 120 cables and conductors, mostly low and medium voltage, manufactured by Prysmian in Brazil,
France, Italy, Romania and Spain. The results of 200 other cables are assumed by extrapolation. In addition, LCA
environmental impact studies on high-voltage cables manufactured in China are currently underway for EPD
certification purposes.
Work to prepare, issue and certify EPDs will continue to expand in the near future, in order to cover an increasing
number of product families.
Indeed, with a view to continuous improvement, a broader strategy is being prepared to direct actions toward
an increasingly proactive approach, which – with a view to the future – will consist of the implementation of a
group-wide EPD management system, with a range of responsibilities and roles both centrally and peripherally,
based on the implementation of certified systems for the large-scale assessment of the environmental impact of
EPD-compliant products. To this end, different alternatives will be evaluated to establish the Group’s objectives
regarding the EPD coverage of parts of the product portfolio. Note that from 2021 onwards, the performance
indicators used by operational functions to evaluate investments and industrial projects include GHG emission
savings, where applicable, as an indicator of their actual environmental benefit, in addition to their energy and
economic efficiency.
Energy Audits that are periodically conducted in different countries provide information on possible areas of
improvement and energy savings and GHG emission. In 2023, more than 20 Energy Audits were carried out at the
Group’s production units, pursuant to specific legislation or within the framework of the Energy Management System
(ISO 50001), to verify the adequacy of the Energy Management System, the achievement of established objectives and
the effectiveness of the energy efficiency measures already implemented or to be implemented.
It should be noted that during the last year, the Internal Audit function also conducted several audits to assess the
adequacy of ESG issue management in Prysmian business units, including Energy Efficiency.
Environmental investments
In 2023, Group investments dedicated to HSE projects, including work on energy efficiency, the reduction of
direct GHG emissions and the optimization of both the management of water-based cooling systems and
the management of waste, involving circularity initiatives, amounted to about Euro 25 million.
Of these, more than Euro 7 million is related to “GHG Emission Reduction and Energy Efficiency” projects and
initiatives, and more than Euro 1.5 million are related to waste management, activities associated with the
circular economy and water resource management.
Prysmian participated in the Carbon Disclosure Project (CDP) global environmental reporting system, disclosing
data on its emissions, climate change risks and opportunities and emission reduction targets, in addition to
publicizing its environmental management initiatives, particularly those aimed at reducing its carbon footprint.
In 2023, the Group received an “A-” rating, positioning it within the Leadership bracket and ahead of the European
average rating of “B”.
Amongst the multiple targeted emission reduction initiatives, the project to reduce SF6 was approved centrally at the
end of 2021, with a view to cutting the CO2eq emissions associated with the use of this gas by 90% over roughly 5 years.
In 2023, activities continued at the Livorno, Gron and Montereau sites: thanks to the significant efforts made, the
involvement of every organizational level in managing and monitoring SF6 consumption (especially in product
testing activities) and the implementation of specific measures including, the introduction of alternative gases, direct
emissions associated with SF6 were reduced by more than 75% compared to the end of 2022.
The project will continue in the coming years until the established reduction targets are met.

Enviromental investments (K Euro)
Enviromental investments (K Euro)
3,108
3,108
1,919
1,543
1,919
1,543
566 602
454
321 273
566 602
454
321
LED LED
Compressed
AIR AIR
Heatin/Cooling
System
PV
Motors
Other Other
and water
reduction
273
Economy
waste waste
of SF6of SF6
Compressed
Heatin/Cooling
System
PV
Motors
and water
reduction
Economy
circular,
Projects
circular,
Projects
With reference to the regulatory risk relating to energy efficiency, several actions have been taken, including:
• definition of an Energy Audit Plan at the Group’s factories, including sites that are currently not required by law to
perform energy audits;
• development of energy efficiency projects at local and global level;
• periodic plant visits to verify their compliance with the rules and standards defined;
• specific training sessions for all Prysmian personnel involved in energy management, including raising awareness
about energy saving and emission reduction issues, for which the Group has set reduction targets in accordance
with the SBTi (Science-Based Target initiative) that include a Net-Zero target for Scope 1 and 2 emissions by 2035.
The energy efficiency projects launched or continued in 2023 covered different areas of interest: amongst the
known workstreams, the implementation of LED lamps in the last remaining unequipped factories in LATAM, North
America and Northern Europe continued in the course of 2023, until covering all of the group’s factories. Similarly, the
replacement of motors (from DC to AC) and boilers or compressors with more energy-efficient machinery continued
at several factories, with a particular focus on the American (Marshall, Williamsport, Lincoln) and Central European
(Balassagyarmat, Slatina, Neustadt) areas.
Additional investments were made for monitoring the condition of compressed air supply/distribution equipment,
leak detection and subsequent maintenance.
One project that was already partially initiated but was significantly accelerated in 2023 is the implementation of
photovoltaic systems.
In addition to the Arco Felice system, which is already in operation, during 2023 the Vilanova (Spain), Neustadt
(Germany) and Pignataro (Italy) factories also successfully started up their own plants: the same is happening at
the Slatina (Romania) factory, with the system set to begin operating in Q1 2024. These five capitalized systems will
generate a combined total of 8.7 GWh per year.
In parallel with owned systems, in the course of 2023 Prysmian intensified its activities to launch additional photovoltaic
systems built under lease, through multi-year agreements with suppliers and on-site installations, both on the roofs of
its plants and on any adjacent vacant land.
Thus, the Morelena (Portugal) and Abrera (Spain) systems were launched in this mode: the former operating as of
October 2023, the latter as of January 2024, with a total generation of 2.8 GWh per year. These two leased systems join
the first one already operating in Kistelek (Hungary) since mid-2022, alone equivalent to 3.3 GWh per year.

Similar initiatives have already been identified and evaluated and are currently being launched in China, Germany and
other Group regions. At the same time, in order to increase its renewable energy production, a call for tenders for an
off-site Power Purchasing Agreement has been launched for the companies in Italy: the call for tenders is expected to
close in early 2024.
Lastly, Prysmian is initiating specific work streams aimed at optimizing electricity use: one of them is the installation
of the Prycam, an energy monitoring tool that Prysmian produces and markets and capable of detecting the energy
consumed in real time and sending data (and alarms) to a display platform. During the second half of 2023, the first 150
devices were installed in strategic machines, in four of the Group’s European factories: the goal is to reach 2,000 units
installed in Q1 2024, and at the same time to launch efficiency projects deriving from an analysis of the information
gathered.
Environmental data reporting

Decree no. 254/2016 with reference to the 2023 material topic: “Facilitating decarbonization to achieve Net-Zero and
digitalization”.
Risk identified
Risk linked to the emission of greenhouse gases, including increased operating costs caused by the introduction of a
carbon tax or the application of the Emission Trading Scheme
Description of risk
This risk has been analyzed considering a possible increase in production costs that could result from the adoption
of more restrictive GHG emission laws and regulations, both in the form of taxation (carbon taxes) and participation
in the emissions market (Emission Trading Schemes – ETS). Prysmian carried out an in-depth analysis to assess the
impact of that risk in relation to the Group’s direct GHG emissions (Scope 1), considering current policies and those
announced by governments and supranational organizations in the areas in which it operates. The exposure to risk
over the 2022-2035 time horizon and with respect to the IEA scenarios analyzed – STEPS, APS, SDS and NZE – does
not appear critical overall, with a low impact over the medium term and a medium impact over the long term,
although the impact on operating costs could vary markedly across geographical areas. The carbon tax/ETS risk is
monitored constantly, not least with respect to their possible effects on the cost of the raw materials and energy
purchased by the Group (Scope 2).

The Group strives to constantly monitor changes in the laws and regulations governing GHG emissions at an
international level, especially in the countries where its production plants are located. In addition, the Group has
established a strategic plan, reflected in the Sustainability Scorecard, which includes quantitative targets for reducing
greenhouse gas emissions, amongst others. Emission reduction targets have been scientifically validated by the
Science-Based Target initiative (SBTi).
Risk identified
Risks linked to the increased severity of extreme weather events
Description of risk
The Group constantly monitors the exposure of all its production sites, considering the entire life cycle of the assets,
to such weather events as storms, floods, hail etc. using CatNet®, a profiling tool that measures the exposure to geo-
specific risks developed by Swiss Re. An exposure assessment with an extended time horizon to 2035 in a conservative
scenario of high CO2 emissions (RCP 8.5) was carried out using this tool, confirming a low overall exposure. Lastly, a
sensitivity analysis was carried out for the 2023-2040 period, assuming a further increase in the severity and frequency
of the extreme weather events that have affected Group assets over the past 20 years. This analysis confirmed medium
exposure to this risk, involving increased operating costs. The assessment of risks linked to the increased severity of
extreme weather events has been extended to the entire supply chain, for both upstream and downstream activities,
considering a selection of strategic suppliers and customers.

The Group has a well-established loss prevention program at all its production factories, which seeks to foresee and
mitigate material losses and stoppages caused by extreme events, not least by monitoring changes in the weather.
Additionally, risk mitigation actions include a Group agreement with an international company specialized in disaster
recovery & restoration services, as well as insurance cover for both direct losses and loss of profits due to production
stoppages. The assessment of third-party sustainability risks, including risks linked to the increased severity of weather
events, is a fundamental part of the entire supply chain management process.

Risk identified
Risks linked to the rise in sea level (climate change)
Description of risk
Since 2017, the Group has monitored the risk of climate change and, in particular, of rising sea levels, with a view to
evaluating the potential impact on all production locations, considering the entire life cycle of key assets. A detailed
analysis of the exposure to rising sea levels is carried out every year, supporting the analyses performed using CatNet®,
a profiling tool that measures the exposure to geo-specific risks developed by Swiss Re, with the analyses performed
using Aqueduct, a web platform made available by the World Resources Institute (WRI), in a conservative high CO2
emissions scenario (RCP 8.5). The analysis confirmed, over a time horizon extending out to 2080, the absence of direct
impacts on the Group’s production plants. Nevertheless, the rise in sea level could increase exposure to the risk of
coastal flooding caused by storms; this situation would however affect a very limited number of production factories
(< 2%). The impact, mainly in the form of increased operating costs or lost sales, would be low. The exposure will be
monitored so that action can be taken ahead of time, including the introduction of additional control systems, where
necessary. The assessment of risks linked to the rise in sea level has been extended to the entire supply chain for both
upstream or downstream activities, considering a selection of strategic suppliers and customers.

The Group has a well-established loss prevention program at all its production factories, which seeks to foresee
and mitigate material losses and stoppages, not least by monitoring changes in the weather. Local flood protection
measures, such as dams, walls etc. also mitigate the risk of coastal flooding. Additionally, an agreement has been
reached with an international company specialized in disaster recovery & restoration services and insurance cover
has been arranged for both direct losses and loss of profits due to production stoppages. The assessment of third-
party sustainability risks, including risks linked to the rise in sea level, is a fundamental part of the entire supply chain
management process.
ENERGY
The table below shows the Group’s total energy consumption, including that of its fleet.
Energy Consumed (GJ)(*) Total 2023 Total 2022 Total 2021
Electricity from renewable sources 1,948,875 1,921,399 2,593,155
Electricity from non renewable sources 4,193,696 4,112,089 3,588,272
Natural gas 2,277,375 2,747,360 3,121,660
LPG 127,805 135,365 136,024
Petrol 7,561 7,424 5,905
Diesel 908,062 896,985 411,316
Fuel oil 17,380 5,571 6,050
Steam (purchased, not produced internally) 5,616 9,791 6,977
Purchase district heating or heat from renewable sources 20,318 - -
Heat (purchased from distribution networks) 123,539 135,931 150,491
Chilled water - - 281
Biogas/biofuel/biomass purchased 877 - -
Total 9,631,104 9,971,915 10,020,131
(*) The term “Energy Consumed” means the number of Gigajoules (GJ) of energy consumed within the organization. This comprises energy purchased from sources outside
the organization (e.g. electricity, heating, cooling and steam purchased for consumption) or generated by the latter (e.g. fuel used in self-generation activities).
The 2021 figures include estimates for the Chiplun and Sohar sites. The 2022 and 2023 figures contain estimates for the Chiplun site only, since Sohar reported normally. The
figures for 2021, 2022 and 2023 include consumption by the fleet, which were previously reported separately.

The following table shows the energy intensity of the four business lines expressed in Gigajoules per kilometer or tons
of product.
Power cables GJ/Ton Telecom cables GJ/km Optical Fiber GJ/km Rod/Ton
Energy consumed per km/Ton

3.65 0.02 0.03 2.02
of product (2023)

3.57 0.01 0.04 2.05
of product (2022)

3.38 0.02 0.04 2.24
of product (2021)
GREENHOUSE GAS EMISSIONS

Greenhouse gas emissions, measured in tons of CO2 equivalent, have been calculated using the methodologies
indicated in “The Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (Revised Edition, 2004)”
considering:
• for Scope 1 emissions (direct GHG emissions):

– fuel consumption data;
– release of refrigerant gases from air conditioning systems;
– release of SF6 gas, mainly used for testing activities.
• for Scope 2 emissions (indirect GHG emissions), the consumption of purchased energy (mostly electricity).
• Indirect GHG emissions (Scope 3) account for over 99% of the Group’s total carbon footprint.
Detailed quantification of Scope 3 emissions has shown that roughly 96% of total emissions generated throughout the
value chain are mainly attributable to use of the products sold.
The procurement of raw materials represents more than 3% of the Group total, while the remainder is split between
logistics, investment and other minor categories.
In 2023 Prysmian identified the suppliers deemed significant according to the sustainability criteria defined by the
Group (169 suppliers of metals and raw materials, representing approximately 50% of Prysmian’s total expenditure)
and invited them, in collaboration with CDP, to report their emissions by responding to the CDP Climate Change
questionnaire.
The response rate has increased to 53% since 2022, including some suppliers that answered the questionnaire for the
first time.
The companies declared their emissions (Scope 1, 2 and in some cases Scope 3) and allocated them to Prysmian based
on revenue. In addition, many suppliers stated their goals, the initiatives established to reduce emissions and the
performance indicators used (total GHG emissions and/or emissions intensity relative to turnover).
These data, along with other types of analyses and calculations made by the Group to quantify indirect emissions, are
essential for supplier assessment and selection and the identification of criteria to engage the entire supply chain on
climate issues.
With regard to GHG emission reduction targets, in June 2023 SBTi approved Prysmian’s long-term (net-zero) targets;
during the long-term target approval process, Prysmian – at SBTi’s request – also recalculated some Scope 3 categories
using updated emission factors.
Therefore, the value of Scope 3 for 2022 has been revised from what was published in the 2022 Report and is
274.943.685 tCO2eq.
Further information about the methodologies used to calculate the Scope 1, 2 and 3 Emissions can be found in the
“Methodology” section of this document and Prysmian’s 2023 GHG Statement.

Emissions of tCO2(*) Total 2023 Total 2022 (**) Total 2021
Scope 1(1) Direct emissions from combustion (***) 205,762 232,178 216,874
Emissions from refrigerant gas leaks 5,177 3,696 7,047
Emissions from SF6 gas leaks 15,192 61,852 117,186
Total Scope 1 226,131 297,725 341,107
Scope 2(2) Location-based 474,715 501,745 512,458
Market-based 389,928 367,379 365,862
Total Scope 1 e Scope 2 (Location-based)(3) 700,846 799,470 853,565
Scope 1 e Scope 2 (Market-based)(4) 616,059 665,104 706,969
Scope 3(5) 267,433,725 274,943,685 284,562,292
Total Scope 1, Scope 2 e Scope 3 268,049,784 275,608,789 285,269,261
(*) As in 2020, the GHG emissions of the Chiplun and Sohar sites were estimated in 2021. This was only necessary for the Chiplun site in 2022. The amounts reported in the
Group Scorecard do not contain these estimated values.
(**) The Scope 2 tCO₂ data for 2021 include the emissions from the purchase of heat in the form of district heating and steam for 7,468 tCO2.
(***) Direct emissions from combustion include emissions from the fleet already separately disclosed in previous non-financial statements. In 2023, direct emissions from
combustion amounted to 147.820 tons of CO2 (about 65% of the Group’s Scope 1 emissions of 226.131 tons of CO2).
(1) Scope 1 emissions comprise the direct emissions of the organization, being those generated from resources under its direct control. Reported Scope 1 emissions refer
to combustion processes (natural gas, LPG, petrol, diesel, fuel oil, marine diesel), refrigerant gas leaks (emissions from refrigerant gas leaks currently consist of releases of
Chlorofluorocarbons – CFCs – and Hydrochlorofluorocarbons – HCFCs – from air conditioning systems), and SF6 gas leaks.
(2) Scope 2 Emissions comprise the indirect emissions of the organization, being those deriving from its direct consumption excluding generation activities. These include:
purchased electricity, district heating and steam.
(3) Scope 2 Emissions – Location-based method quantifies these emissions with reference to average CO2 emission factors for the energy generated within well-defined (e.g.
local, sub-national or national) geographical boundaries.
(4) Scope 2 Emissions – Market-based method quantifies these emissions with reference to the CO2 emissions of the energy suppliers from which the reporting company
purchases, under contract, an electricity package. Markets differ on the contracts available for the purchase of energy or on the claim of specific attributes, but may include:
energy guarantees of origin and direct contracts with suppliers (RECs, GOs, I-REC, etc.); supplier-specific emission factors; default emission factors that represent uncontrolled
or unclaimed energy and emissions (defined as “residual mix”); average regional, sub-national or national emission factors.
(5) Scope 3 Emissions comprise the indirect emissions generated by the organization throughout the value chain, via its upstream and downstream processes. These
include the emissions deriving from purchased goods and services, the purchase of capital goods, fuel consumption and energy-related activities, upstream transportation
and distribution, waste generated by operations, business travel, employee commuting, upstream leased assets, downstream transportation and distribution, use of sold
products, end-of-life treatment of sold products, and investments.
In addition to calculating GHG emissions at Group level, the calculation method developed by Prysmian can be used
to quantify the Carbon Footprint at individual Country/Region level.
In 2023, the Costa Rican organization calculated the Carbon Footprint and obtained certification in accordance with
the ISO 14064 standard. Prysmian France has also quantified the Carbon Footprint with reference to the French scope,
in accordance with the legislative requirement and in line with the GHG Protocol and the methodology of the French
“Agence de la transition écologique” Ministry, which in turn complies with ISO 14069 standard.
These initiatives show how the Climate Ambition established at Group level is an integral part of the business across
every level of the organization.
The emissions intensity of each business line is shown below in tons of CO2eq per ton or kilometer of product.
Power cables Telecom cables Optical fibers Rod

GHG Emission per km/Ton of product (2023)
tCO2 eq/Ton tCO2 eq/Km tCO2 eq/Km tCO2 eq/Ton
Scope 1 Total Scope 1 0.09710 0.00014 0.00024 0.09221
Scope 2 Location based 0.17380 0.00119 0.00184 0.01329
Market based 0.13082 0.00095 0.00214 0.01558
Total Scope 1 e Scope 2 (Location based) 0.27090 0.00134 0.00209 0.10551
Scope 1 e Scope 2 (Market based) 0.22792 0.00109 0.00239 0.10780

Market based 0.13754 0.00093 0.00086 0.01501
Market based 0.12868 0.00116 0.00086 0.02233
OTHER ATMOSPHERIC EMISSIONS

At Group level, considerable attention is paid to Greenhouse Gas (GHG) emissions, which have high significance at
Group level, both because of Prysmian’s commitments to environmental sustainability and because these emissions
regard all operating units, as they are directly associated with the use of energy sources and – to a lesser extent – the
use of certain greenhouse gases.
In line with the HSEE Policy’s commitment to preventing pollution and minimizing health risks, Prysmian also monitors
Volatile Organic Compound emissions from certain production processes and maintenance at Group level. Significant
reductions in these emissions have already been achieved in the past by gradually introducing new methods and/or
products, particularly for cable degreasing, cleaning and stamping operations. In any case, Prysmian continues to
monitor this indicator, estimating – as a precaution – that the total amount of VOCs emitted into the atmosphere is
equal to the total consumption of substances containing organic solvents.
In 2023, the total amount of Volatile Organic Compounds (VOCs) emitted into the atmosphere was approximately 500 tons.
WASTE
In order to meet the commitments contained in the HSEE policy, mentioned earlier, the Group manages the various
environmental matters by implementing Environmental Management Systems (EMS) compliant with the ISO
14001:2015 international standard. The application of the EMS makes it possible to define plans, processes and practices
intended to improve the organization’s environmental performance. In addition, specific procedures and operating
instructions have been prepared at Group level, with regular updates that also reflect any legislative changes and
innovations, for the correct identification of:
1. Activities, processes, projects and investments that generate waste, and the evaluation of the associated potential
environmental impacts, under both normal and extreme/emergency conditions;
2. Types of waste generated, their classification under locally applicable legislation and proper grouping and reporting,
in line with internal criteria established uniformly at Group level;
3. Specific instructions and training for staff on the proper handling of waste in the Group’s operating units and for
its disposal in accordance with regulatory requirements, but also in order to minimize the environmental impact of
operations downstream in the supply chain;

4. Specific instructions and training for staff on the reporting of waste in the database managed by HSE (database for
reporting in the NFS), with particular attention to the reporting of all types of production waste;
5. Specific requirements and/or performance indicators applicable to the various types of suppliers, with random HSE
audits to verify waste operations, in accordance with contractual agreements and regulatory requirements.
In order to track and assess the sustainability of business partners with regard to waste management activities and
processes, some group companies have defined specific criteria addressing their ability and technologies to process
the various categories of waste, in order to ensure the achievement of their objectives and contribute to reducing the
environmental impacts of waste disposal.
The main types of waste generated by production activities have been split into specific categories, classifying their
level of danger (hazardous waste and non-hazardous waste) according to the related EU classification, regardless of
the country of origin and disposal of the waste. An exception is made for certain types of waste (such as laboratory
chemicals), whose classification depends on local regulatory requirements.
The data on waste generated is collected and reported promptly at operating unit level using a common database
(HSEDM). The reporting system makes it possible to aggregate this data by legal entity, country, region and ultimately
for the entire Group. In general, the operating unit coincides with the plant, except in certain cases in which there are
several operating units within the same plant.
The Group’s commercial and administrative offices and distribution centers are not included in the waste reporting
procedure as they are not material
Since 2020, operating units input their environmental data both monthly and annually, thus improving data collection and
analysis at the various organizational levels. Further information about how data is reported can be found in the paragraphs
below on “Actions to prevent waste generation throughout the Prysmian value chain” and “Waste reporting process”.
The management of waste and its proper disposal are regarded as important matters that are managed locally within
the Environmental Management System.
During 2023 special attention was paid to standardizing internal activities for the management of production waste,
a significant item in factory waste management. In cooperation with the affiliates and industrial directors in each
region, an official Group Operating Instruction was drafted to present the best practices already in use and to define/
standardize the basic rules for separating, handling, weighing and recording factory production waste.
The goal is to maintain control over the process so as to maximize its effectiveness, both from an economic (value
ascribed to the waste) and environmental (better separation and differentiation of the various types of waste) point of
view. Compliance with this Instruction is subject to audit starting in January 2024.
The level of global deviation within the scope of the company remained constant at 2022 levels. Manufacturing
efficiency initiatives continued, both with the cooperation of Central Manufacturing and at a purely local level. These
practices aim to reduce production waste, making it more efficient.
The following results are provided as examples:
• Presov (Slovakia): extra lengths of cable at the jacketing stage were reduced by 15% (composite scrap of copper,
sheath and possible metal braid);
• Kistelek (Hungary): copper leftover waste at the stranding stage was reduced by 30%;
• Pikkala (Finland): an improved process control and quality mindset led to the reduction of the overall waste rate
from 6.6% to 5.5%, with a change in absolute value of about 800 tons less waste produced;
• Mudanya (Turkey): improved control of support activities (logistics, R&D testing) have led to a considerable
reduction in “non-production” waste, equivalent to about 1000 tons.
Generation of waste and impacts of the waste generated
The management of waste is highly correlated with the processes that generate it and those followed for its disposal.
Prysmian contributes directly and indirectly to the positive and negative impacts associated with waste generation.
The direct impact of the Group on the creation and quality of waste is linked to its production activities. In this context
and consistent with the European guidelines for waste, Prysmian is committed to preventing the production of waste
by promoting circular activities.
In a broader context, Prysmian intends to become an industry leader in the use of recycled materials and the design
of products that can be recycled more easily.

For this purpose, greater care is dedicated to supplier selection, both up- and downstream of the value chain.
This has resulted on one hand in increased purchases of recycled materials and on the other in the activation
of business relationships with waste managers that share Prysmian’s vision in terms of sustainability and
circularity.
Actions to prevent waste generation throughout the Prysmian value chain
Upstream, Prysmian has decided to include more specific HSE requirements in its processes for selecting new
business partners
To achieve this, a project has been underway since 2021 to implement a vendor management portal in order to
standardize various purchasing processes.
This project will make it possible to structure the supplier qualification processes using questionnaires, with questions
covering many topics including HSE.
Downstream, with regard to relations with the various waste management contractors, Prysmian has introduced
specific requirements and/or performance indicators applicable to the various types of suppliers, with random HSE
audits to verify waste operations, in accordance with contractual agreements and regulatory requirements.
Among the performance indicators to be included in the requirements for competitive tendering, Prysmian is
considering adding a recycled materials percentage.
On this last point, some units have already taken advance action. For example, in the Netherlands, the call for tenders to
select a new waste management service provider included specific requirements regarding circularity and recyclability
(requirements based on the performance of their plants).
Waste reporting process
The waste reporting process uses a common tool (HSEDM) that covers all production sites except for Chiplun (India);
accordingly, data for that plant is estimated.
Environmental data (including the quantity of waste) is input monthly, providing a detailed picture of how consumption
and the production of waste vary over time.
In order to obtain more certain, precise and reliable data and increase the commitment in this area at various
organizational levels, HSE Corporate worked with management in 2022 to implement a new procedure for the multi-
level control and approval of environmental data input to HSEDM.
The procedure involves reporting the following information:
• the total weight in tons and the percentage of waste generated, broken down by composition;
• the total weight in tons and the percentage of hazardous and non-hazardous waste intended for disposal
at external sites, and its breakdown according to disposal methods (incineration, landfilling, other disposal
operations);;
• the total weight in tons of waste not intended for disposal but for recycling at external sites, with a breakdown
by hazardous waste and non-hazardous waste;
• the methods of calculation and assumptions made, estimation criteria adopted and tools used to report the
waste generated.
In order to report using consistent criteria, as required by the relevant European regulations, the Corporate HSE
function decided to apply the same waste classification criteria in all operating units.
In this respect, the main types of waste generated by production activities have been split into specific categories,
assigning a level of danger (hazardous waste and non-hazardous waste) to each of them.
There are various destination categories for each type of waste:
• Recycling – for which Prysmian has set a Group target (increase in % recycled);
• Incinerator;
• Landfill;
• Other (residual category).

The total waste generated by Group, shown in the following table, includes that of the fleet.
Waste produced by type (kg) Total 2023 Total 2022 Total 2021
HAZARDOUS 12,381,045 14,050,194 13,924,252
Ingredients of hazard compunds 401,187 607,561 568,389
Asbestos 538,141 1,258,609 1,167,066
Equipment containing PCBs 5,194 5,040 339
Solvents 240,960 220,901 154,637
Waste waxes and fats 142,941 173,927 187,043
Waste oil 563,208 686,913 657,773
Copper and aluminium sludge 790,547 867,378 1,052,258
Waste emulsions 3,143,551 3,395,798 2,876,611
Waste ink 13,530 38,131 45,042
Contaminated sawdust 223,509 146,717 98,319
Other hazardous waste 6,318,278 6,649,220 7,116,775
NON-HAZARDOUS 222,782,796 220,355,520 199,677,575
Compound scrap 24,669,586 23,682,339 21,956,798
Non-hazardous packaging 25,596,033 25,492,982 26,159,244
Non-hazardous ingredients for compounds 2,317,789 1,875,905 1,156,012
Sludge 23,240,231 22,982,236 1,799,508
Urban waste 21,434,446 23,099,982 23,184,858
Other non hazardous materials 27,353,525 26,334,108 27,567,830
Various alkalis 287,360 462,900 684,360
Scrap cable 97,883,825 96,425,069 97,168,965
Total 235,163,841 234,405,714 213,601,827

The figures for 2023 include estimates for the Chiplun site, while the Sohar site has reported normally since 2022.
The table below shows the waste destination for the 2021-2023 three-year period:
Waste produced by destination (kg) 2023 2023% 2022 2022% 2021 2021%
HAZARDOUS 12,381,045 14,050,194 13,924,252
Landfill 1,740,750 14% 2,166,186 15% 2,419,302 17%
Incinerator 2,852,812 23% 2,815,748 20% 3,134,748 23%
Recycled 6,027,126 49% 6,620,003 47% 6,492,312 47%
Other 1,760,357 14% 2,448,257 18% 1,877,890 13%
NON HAZARDOUS 222,782,796 220,355,520 199,677,575
Landfill 41,793,434 19% 42,373,457 19% 42,212,602 21%
Incinerator 13,030,721 6% 13,104,990 6% 11,686,255 6%
Recycled 162,821,860 73% 159,240,565 72% 140,297,687 70%
Other 5,136,781 2% 5,636,508 3% 5,481,031 3%

Waste produced by destination (kg) 2023 2023% 2022 2022% 2021 2021%
TOTAL 235,163,841 234,405,714 213,601,827
Landfill 43,534,183 18% 44,539,642 19% 44,631,904 21%
Incinerator 15,883,533 7% 15,920,738 7% 14,821,003 7%
Recycled 168,848,986 72% 165,860,569 71% 146,789,999 69%
Other 6,897,138 3% 8,084,765 3% 7,358,921 3%
The final destination of a small amount of waste was still unconfirmed when the report was published (as permitted
by local legislation).
Amongst the initiatives aimed at improved waste management put into place by Group companies, it is worth
mentioning in particular the “zero landfill” goal for all sites set by the Latin American company as part of its strategic
planning, to be achieved by 2025. A dedicated project was launched with the aim of mapping waste, suppliers and
destinations and assessing opportunities for the diversification of landfill waste.
Country % waste going to landfill 2023 % waste going to landfill 2022
Argentina 14% 9.36%
Brazil 22.45% 34.83%
Chile 36.18% 53.17%
Colombia 3.47% 3.83%
Costa Rica 1.43% 5.31%
Mexico 23.16% 36.17%
Total 20.98% 31.77%
Part of the increases recorded in 2023 were due to asbestos remediation work that involved sending waste to the landfill.
CIRCULAR ECONOMY
Prysmian is committed to implementing circular economy practices to reduce its environmental impact, using fewer
resources to manufacture it products and keeping materials within the production cycle as long as possible
1. Procurement of recycled materials:

In recent years, Prysmian has focused effort on research into and the development of a supply chain capable of
offering recycled materials, especially metals and plastics for the insulation and protection of cables. Notably, the
use of secondary materials in the cables industry is often limited by their availability. As an example, this is the case
for recycled copper, with limited market supply that is often only suitable for more basic applications. Accordingly,
it is essential to launch long-term projects based on dialogue with suppliers, which enable them to make the
investments needed to build circular supply chains.
2. Minimization of scrap materials:
Over the years, Prysmian has worked hard to make better and more conscious use of its resources, thus reducing
the scrap generated by every production process.
The Group highlights this commitment by applying its Health, Safety, Environment and Energy Policy, as updated
and approved by PrysmianCEO Valerio Battista and the top management in 2023, for the systematic management
of all HSE aspects and the optimized use of resources and materials. All these issues are considered mandatory for
the achievement of Group objectives and the creation of value for all stakeholders. Prysmian communicates this
policy to all internal and external stakeholders by publishing it on the Group’s website31 as well as on the corporate
intranet.
31 https://www.prysmian.com/sites/default/files/atoms/files/HSEE%20Policy_2020_signed.pdf

3. Recycling of waste downstream of the factories:
For several years now, Prysmian has set targets in order to increase the percentage of recycled waste, thus also
reducing the amount of waste sent to the landfill and/or for incineration. In addition to communicating its targets,
the Company shares its views, ideas and results with various stakeholders in order to facilitate collaboration and
create meaningful relations.
In 2023, the percentage of waste (hazardous + non-hazardous) sent for recycling reached 72%, and the portion
of waste sent to the landfill constitutes, on average, about 19% of the total amount of waste generated. Please
refer to the “Waste reporting process” section and the relative tables.
WATER
The following sections describe the risks identified and the associated water consumption mitigation actions
pursuant to Italian Legislative Decree 254/2016 with reference to the 2023 material topic: Sustainable innovation and
circularity.
Risk identified
Risks related to the availability of watera
Description of risk
Water is consumed at Prysmian factories mainly for industrial use and, in particular, for cooling purposes during
certain processes. Cooling water is recirculated, in whole or in part, at most factories in order reduce the volume of
water drawn.
Each year, Prysmian carries out a water stress analysis, considering the ratio of water demand to water available.
This analysis uses the web-based “Aqueduct” platform, developed by the World Resources Institute (WRI), to evaluate
the geographical position of all Group plants exposed to the risk of reduced water availability, over a time horizon
extending out to 2040, considering the entire life cycle of each asset.
The analysis shows that about 25% of the plants are located in areas with an extremely high water stress risk in a
conservative, high CO2 emissions scenario (indicated by the Intergovernmental Panel on Climate Change – IPCC,
RCP 8.5); however, considering the mitigation actions adopted, the financial impact remains low. There are similar
conclusions for lower CO2 emissions scenarios (IPCC, RCP 2.6). The assessment of water availability risks has been
extended to the entire supply chain (upstream or downstream activities and customers), considering a selection of
strategic suppliers and customers.

Prysmian regularly measures the volume of water drawn at its production locations, analyzing and checking the
cooling process parameters to ensure the efficiency of water consumption; in this regard, water supply systems are
maintained appropriately in order to avoid significant leakages.
For the majority of factories for which water availability or water stress risks have been identified, it must also be borne
in mind that current production processes employ water recirculation in order to reduce consumption.
Lastly, the mitigation plan already envisages further improvements in the percentage of water recirculated and/or
the installation of new recirculation systems to optimize water consumption, where necessary or cost effective, thus
lowering exposure to the risk.
With regard to the supply chain, the assessment of third-party sustainability risks, including water availability, is a
fundamental part of the entire supply chain management process.
Prysmian production sites mainly use water for cooling purposes; accordingly, the quality specifications for industrial
water merely seek to prevent all biological and/or corrosion risks within the cooling circuits.
For this purpose, some factories need to use softeners or biological treatments, depending on the source from which
the water is drawn and its characteristics.
On-site wells are the main sources of water, satisfying more than half of all water needs, supported by other sources
of surface water and the public water main. In order to optimize the consumption of water and energy, the process
water used for cooling at many Prysmian plants is recirculated, either totally or partially, depending on the situation. As
a result, the volume of water drawn is low in many cases.

Cooling water is recirculated, either totally or partially, at most plants in order to optimize the volume of water drawn. From
the analysis conducted on 93% of the operating units, the results show that most of the factories have recirculation systems,
with percentages ranging from 99% to 100% in 45% of the cases and from 95% to 99% in 27% of the cases. Recirculation
rates below 95% were found in about 10% of the plants. This situation does not apply to the remaining 11% of plants.
The Group reports any information useful for understanding its water resource management methods, highlighting
the systems and procedures already in place, which help to limit the significance of its impacts. At the same time,
Prysmian communicates the assessments carried out and the conclusions that have emerged, ensuring maximum
transparency to all Stakeholders.
Considering the quantity and quality of water sources, the type of usage and existing recirculation systems, it was
determined that the most significant water-related impact is not directly associated with organizational activities,
but rather with the supply chain and, in particular, with the production cycles of suppliers of raw materials, especially
metals. For this reason, in addition to continuing to track and audit “critical” suppliers with reference to sustainability
criteria and indicators, Prysmian extended assessment of the risks related to water availability to the entire supply
chain in 2021.
In addition, the Group has introduced specific rating systems, including ISO14001 certification and completion of the
CDP Water Security Questionnaire, as indicators of the proper management of all environmental aspects/impacts by
its suppliers.
Also in 2023, the Group’s major suppliers (169 suppliers of metals and raw materials, representing about 50% of the
Group’s total expenditure) were invited to complete the CDP Water Security questionnaire. The response rate was 39%,
slightly higher than last year. Information and data reported through the CDP allowed Prysmian to perform an initial
assessment of the significant impacts and/or risks associated with the Water resource in its Supply Chain, in terms
of absolute consumption, efficiency of water resource use – particularly in areas with “water stress” – and potential
pollution of water resources.
Prysmian plans to extend this assessment to a more significant portion of the Supply Chain, and to this end
will reinforce supplier engagement, with the aim of ensuring a higher response rate to the CDP Water-Security
questionnaire and integrating the completion of the survey and the corresponding score obtained amongst
assessment and selection criteria.
At local level, the water-related impact is analyzed via the Environmental Analyses carried out as part of the ISO
14001:2015 management systems, and in line with local legislation.
In particular, Prysmian:
a. Measures the volume of water drawn at its plants. This data is monitored at both local and Group levels, recorded
in the Environmental Management System at corporate level and disclosed in this Non-Financial Statement, as
required by the guidelines for GRI 303 Water and Effluents. Prysmian assumes that water consumption is the same
as the volume of water drawn. When determining the volume of water drawn at plants, all variables are measured
either directly (through dedicated meter) or indirectly (using a water report). Water consumption is reported by all
plants except for Chiplun (India), whose data has been estimated. With regard to the discharge of water, the Group
collects data on the quantity of water returned to surface waters in a specific section of the common database
(HSEDM), where each plant can input the volumes recorded.
The type of measurements performed on effluents and their frequency are established locally, partly because
industrial discharges are virtually zero in many cases thanks to recirculation systems. The data is periodically
monitored and measured locally within the Environmental Management System. Increased effort by the Group to
monitor water-related parameters might well result, in future, in a complete calculation of total discharges so that
the trends can be analyzed better.
b. Carries out a water stress analysis, considering the ratio of water demand to available water up to the year 2040.
This analysis uses the “Aqueduct” tool, developed by the World Resources Institute (WRI), as also recommended
by “GRI 303 Water and Effluents” Standard and the Task force on Climate-related Financial Disclosures (TCFD), to
evaluate the geographical position of the Group’s plants exposed to the risk of reduced water availability.
In 2023, the water drawn from water stress areas represented about 28% of the total volume drawn by the Group.
Prysmian does not measure or monitor at Group level the volume of water discharges by treatment method, given the
low significance of this parameter. Treatment units are installed upstream of discharges, if necessary, in order to ensure
regulatory compliance, minimize the potential impact on the receiving body of water and avoid incidents of any kind

The table below provides information about the amount of water drawn by source in the 2021-2023 three-year period:
Water drawn (m3) by source 2023 Water stress areas All areas Total
Water from wells 1,497,471 2,430,695 3,928,166
Water from public water main 457,524 2,134,877 2,592,401
Water from other sources – Fresh water - 519,512 519,512
Total 1,954,995 5,085,084 7,040,079
Water from wells 1,704,920 2,476,684 4,181,604
Water from other sources – Fresh water - 717,636 717,636
Total 2,179,507 5,581,968 7,761,474
Water from wells 1,975,482 2,745,141 4,809,692
Water from other sources – Fresh water - 1,208,089 1,230,884
Total 2,408,335 6,073,755 8,642,130
On the other hand, it is presumed that water consumption is well approximated by water drawn.
In line with the pledges of the HSEE Policy, in 2023 Prysmian signed the WASH PLEDGE, which is the first
corporate-sponsored initiative on access to safe water, sanitation and hygiene at the workplace, launched in
2013 and re-proposed in 2021 by the World Business Council for Sustainable Development (WBCSD).
With this pledge, signed by the Chief Sustainability Officer of Prysmian in July 2023, Prysmian aims to ensure
access to safe water, sanitation and hygiene in the workplace for all workers at the Group’s production units,
supporting partners throughout the supply chain and the communities where our units are located.
Prysmian has already initiated activities relating to WASH issues, requiring all production units to complete
the Self-Assessment questionnaire made available by the WBCSD https://www.wbcsd.org/ by the end of
2023, to conduct an initial screening aimed at supporting decision-making and the initiatives and actions to
be taken.
In early 2024, the HSE and Sustainability functions will analyze the responses obtained, identifying any gaps and/or
required improvements, and define a Plan to be implemented in the different Regions in the coming years, to ensure
compliance with the WASH criteria, providing for the engagement of the supply chain and local communities where
necessary.
BIODIVERSITY
The following section describes the risks identified and the associated mitigation actions pursuant to Italian Legislative
Decree no. 254/2016 with reference to the 2023 material topic: Biodiversity and impacts on nature
Risk identified
Biodiversity-related risks (e.g., impact on animal and/or plant species near areas where Prysmian operates,
consequences of Prysmian products and dependency on ecosystems)
Mitigation actions
The environmental aspects potentially impacted by Prysmian, with possible adverse consequences for the condition
of the biosphere, include the biodiversity of animal and plant species.

In line with its HSEE Policy, updated in 2023, Prysmian is committed to identifying and assessing any biodiversity-
related risks, applying a hierarchical mitigation approach (avoid, minimize, restore and compensate) to all operations.
With reference to the Group’s operating units, Prysmian has established an inventory of protected areas, which shows
that most plants belonging to Prysmian are not located in or near protected areas or where endangered species are
potentially present.
In 2023, to meet and reinforce the commitments made, Prysmian has decided to quantify any impacts on animals
and/or plants in the vicinity of the areas in which it operates, as well as any impacts/dependencies on ecosystem
services that the Group’s units rely on, in order to seek opportunities to reduce and mitigate these risks.
For production sites, the Group screened with the “Biodiversity Risk Filter” tool provided by WWF, taking into
consideration the location of Prysmian sites and applying different risk categories and indicators. The Group’s
biodiversity footprint shows that about 13% of Prysmian sites are potentially affected by significant biodiversity-related
risks. However, an analysis at the level of each plant made it possible to customize the tool result, confirming that the
physical and reputational risks identified have already been assessed and/or mitigated, confirming the absence of
potential dependencies or significant impacts on biodiversity for all of the Group’s production sites.
The construction of new plants or the performance of local activities/services involves careful planning that on the
basis of biodiversity regulations, the presence and geographical proximity of protected areas or areas where potentially
endangered species are present and specific feasibility studies, aims to reduce impacts on biodiversity, not only in
relation to the preservation of existing conditions, but sometimes from the perspective of Biodiversity Net Gain (BNG).
This goal is continuously monitored through the implementation of actions aimed at avoiding and preventing the
occurrence of negative impacts on biodiversity.
In the context of marine and land installation activities, which may take place in areas of high natural interest,
environmental impacts in areas where Prysmian is required to operate, including biodiversity, are assessed at the
project level. Any protection measures to safeguard species identified as at risk according to national regulations,
and the mitigation measures required in case of undesirable events, are an integral part of the project contract
documentation that contains the specific requirements issued by the competent authorities.
Offshore installation may involve operations in areas where there is considerable diversity of cetacean species that
use sounds of different frequency bands for multiple activities, such as communication, navigation, hunting and,
more generally, group social activities such as bonding, warnings and maternal relationships. In these cases, Marine
Mammal Observer (MMO) and Passive Acoustic Monitoring (PAM) are used on board the vessel to check for “animals
of interest”, to conduct pre-operational research of marine mammals before work begins and to ensure continuous
monitoring during operations.
Prysmian applies best practices that can ensure that any material used as an erosion and offshore cable protection
system is made from natural or engineered stone in order not to inhibit the growth of epibenthic species, by providing
three-dimensional complexity in height and in interstitial spaces where feasible.
Prysmian decided to employ bioactive concrete (i.e., containing bio-enhancing mixtures) to strengthen primary
erosion protection (e.g., concrete mattresses) and to promote biotic growth. In addition, because this type of mattress
replicates the local marine environment, marine species use the infrastructure as their habitat, thus resulting in a more
environmentally sustainable alternative that offers better protection than traditional concrete mattresses.
Where Posidonia is present, specific equipment that can ensure the protection of this plant is used to bury the cables in
trenches and backfill them. As far as the Elba-Piombino project is concerned, a buoyancy control machine developed
specifically for the protection of underwater cables in a marine environment inhabited by Posidonia was used. The
equipment consists of a chain trencher installed on a buoyancy control structure and activated by divers. The machine
is equipped with several burying systems, a system for harvesting and repositioning Posidonia, and a machine to
prevent the crushing of plants.
After the trenching and jetting activities, the backfilling phase is initiated to reestablish the original seafloor level down to
the base of the leaf substrate, thus facilitating the natural (or artificial, through replanting) restoration of the plant.
Bird populations whether wintering, migratory, habitually present and/or breeding species are protected in accordance
with European nature directives (Habitats Directive 79/409/EC and Birds Directive 92/43/EC) .
Special Protection Areas (SPAs) for rare or vulnerable species, as well as for all regularly migrating species, are identified
and monitored during project implementation, paying special attention to the presence of waterways, lakes, swamps and
marshes of international significance. Where necessary, bird deterrents such as “Hawk Kites” are used, or soundproofing
systems (eco-barriers) or other types of deterrents such as reflective tapes are installed.
In 2023, project-based risk analyses that include an assessment of environmental aspects associated with biodiversity
impacts have shown a residual risk that deems the occurrence of potentially relevant scenarios unlikely.

People, Prysmian’s human capital
Prysmian has always invested in its people and in the local communities where it operates. Because for us, growth
means being connected and spreading the culture of sustainability throughout the entire corporate population all over
the world. We know that every one of our employees is different and has a story, and we are aware of the importance
of each individual within the organization. This is the real linchpin of Prysmian’s trajectory. Caring for, valuing and
cultivating our people is the goal of our Social Ambition. Because only by increasing the level of Diversity, Equity and
Inclusion, including digital diversity, will it be possible to be the virtuous company we strive to become.
• About 30,000 employees, of whom 20% are women

• 143 hires, +40 vs previous year from global “STEM IT” attraction and recruiting program
• 7,140 desk workers involved in the P3 evaluation process, including 67% men, 31% women,
2% other category
• 35.67 hours of training per capita in 2023 (+23% vs previous year)
• 64% of employees covered by collective bargaining agreements
• Human Rights Due Diligence of production sites 100% completed and 9 audits for 9 factories in 2023
Composition
of human
capital
Health People
and safety engagement
Respect Performance
for human and talent
rights management
Diversity,
equity, Training
inclusion and
and equal development
opportunity
Dialogue
with social
Welfare
partners
plans
and collective
Remuneration bargaining
policies

Prysmian recognizes that its people are and always have been a fundamental asset to the business. The history and the
success of the Group derive directly from the know-how and skills of our employees, as well as from their engagement
and constant motivation to support our growth towards the future.
In an era marked by challenges and uncertainty, such as those characterizing the global socio-economic and
geopolitical context during 2023, Prysmian’s human capital strategy, launched in 2015, has focused increasingly on
caring for its people and pursuing sustainability objectives.
The following Prysmian-generated impacts are associated with the material theme “Well-being, engagement and
improvement of human capital skills”.
• Positive impacts:
– Well-being of human capital: promote work-life balance practices within the organization;
– Upskilling: reinforcement and improvement of personnel skills and talent development;
– Engagement: adoption of policies to safeguard and promote the well-being of people;
• Negative impacts:
– Potential injuries, mental and physical illnesses due to failure to spread the health and safety culture in the work
environment.
Specifically, to mitigate negative impacts and, at the same time, improve on the positive results already achieved in
prior years, Prysmian implemented a series of initiatives during 2023 in the following areas:
• constant improvement and development of the organizational model, consistent with our business
strategies and priorities and the enhancement of talent;
• strategic planning of resources in order to ensure the compatibility of our human capital with the needs
of the business in terms of competencies and skills;
• focus on employer branding and talent attraction;
• talent management and widespread career and development opportunities, with the implementation
of the global performance and potential assessment processes and – at the same time – with the
strengthening of managerial and technical skills with a view to up-skilling;
• promotion of diversity and inclusion values, via practices and policies designed to create an ever more
inclusive working environment that encourages diversity.
• meritocracy as the basic element for people’s development;
• employee engagement development and sense of belonging to the company through a structured
approach to measuring the internal climate;
• rewarding and international mobility as drivers of development, growth and meritocracy;
• investment in the well-being of its workforce: bringing direct benefits to employees and the business
with a view to long-term sustainable growth.
The actions and plans developed and implemented by Prysmian in 2023 regarding these areas were strongly inspired
by the 2030 Social Ambition, which focuses on the areas of Diversity & Inclusion, Digital Inclusion, Local Community
Engagement, Engagement & Training and Health & Safety. These goals were also confirmed and consolidated during
the presentation of the 2027 Strategic Plan during the Prysmian’s first Capital Market Day in October 2023.
For more information regarding Prysmian’s Social Ambition, please refer to the section “Prysmian’s two ambitions:
Climate Change and Social Ambition” of this document.
With reference to the Material 2023 topic “Well-being, engagement and improvement of human capital skills”, below
are the risks identified by the Group related to personnel management and mitigation actions pursuant to Italian
Legislative Decree 254/2016:

Risk identified
Risks related to personnel management (not having or losing key resources, talent management etc.)
Description of risk
Prysmian promotes the creation and development of an experienced and well-trained workforce, supporting them in
their diversity, in order to create an ever more inclusive working environment. The Group remains exposed to the risk of
not having or losing key resources in strategic operational functions, especially in a new market context characterized
by the energy transition and the strong push towards digitalization, which require new skills. These persons can be
identified by their managerial responsibilities and/or the specific know-how needed to implement business strategies.
They are difficult to replace in the short term.

In order to guarantee business continuity in line with strategic objectives, the Group has established various programs
designed to incentivize continuous training, professional growth and employee involvement, as well as appropriate
systems of remuneration. Among these: global recruiting and development programs – Build The Future, Stem It, Sell
It and Sum It; performance and talent management systems – Group Academies and Local Schools, the MyMentorship
project, Internal Job Postings and Job Banding; short- and long-term variable remuneration mechanisms, linked in part
to sustainability objectives; non-compete agreements and broad share ownership. In addition, each year the Group
organizes a global engagement survey, inviting all employees to respond and share their opinions anonymously. This
makes it possible to initiate global and local action plans for the continuous improvement of the working environment.
Through the above initiatives focusing on employee engagement and well-being, the Group can take advantage of
the following opportunities:
• Increased productivity;
• Reduced staff turnover;
• Reduced costs associated with recruitment programs;
• Retention of key resources and attraction of new talent.
Composition of human capital

As at 31 December 202332 the Prysmian workforce numbered 30,086 FTEs, of whom 8,090 desk workers (comprising
executives and white-collar employees), and 21,996 blue-collar staff. Also included in this calculation is agency staff,
amounting to 1,222 FTEs (including 51 desk workers and 1,171 blue collars).
The number of employees is expressed in Headcount and refers to permanent and fixed-term contracts only in the
following tables.
The following table shows the number of Group employees as at 31 December 202333 broken down by geographical
area34 and by contract type (note the absence of employees for whom a fixed minimum number of working hours is
not guaranteed):
North
EMEA APAC LATAM Total 2023
America
Number of employees 16,197 2,832 7,219 3,351 29,599
Number of permanent employees 15,573 2,796 7,198 3,344 28,911
Number of temporary employees 624 36 21 7 688
Number of full-time employees 15,817 2,831 7,213 3,348 29,209
Number of part-time employees 380 1 6 3 390
32 This is the total workforce of Prysmian, calculated in FTEs, and represents 100% of the Group’s total employees, i.e. all subsidiaries or companies subject to the Group’s
management.
33 There may be slight discrepancies when comparing headcount figures for 2021, 2022 and 2023 due to internal contract transformations and deferred departures of non-
operation personnel.
34 For details of the countries included in the respective geographical regions, please refer to the map of Prysmian factories shown in the “Prysmian: Connect, to lead”
section.

The table below shows the number of employees by contract type over the three-year period 2021-2023:
Total 2023 Total 2022 Total 2021
Number of employees 29,599 30,185 29,013
Number of permanent employees 28,911 28,901 27,660
Number of temporary employees 688 1,284 1,353
Number of full-time employees 29,209 29,857 28,695
Number of part-time employees 390 328 318
The following table analyses employees by gender and type of contract:
Prysmian no. at 31.12.2023 Male Female Other Total
Number of employees 23,529 6,055 15 29,599
Number of permanent employees 22,972 5,924 15 28,911
Number of temporary employees 557 131 - 688
Number of full-time employees 23,297 5,898 14 29,209
Number of part-time employees 232 157 1 390
Prysmian no. at 31.12.2022 Male Female Total
Number of employees 24,376 5,809 30,185
Number of permanent employees 23,368 5,533 28,901
Number of temporary employees 1,008 276 1,284
Number of full-time employees 24,191 5,666 29,857
Number of part-time employees 185 143 328
The following table analyses employees by geographical area and position:
Prysmian no. as at 31.12.2023 White Collar Blue Collar Total
EMEA 4,828 11,369 16,197
APAC 855 1,977 2,832
North America 1,625 5,594 7,219
LATAM 918 2,433 3,351
Total 8,226 21,373 29,599

The following table analyses the percentage split of employees by position, gender and age group:
≤30 30-50 ≥50
Prysmian
Female
Female
Female
no. as at 31.12.2023
Other
Other
Other
Total
Total
Total
Male
Male
Male
White Collar 52.2% 47.7% 0.1% 100.0% 64.6% 35.3% 0.1% 100.0% 73.9% 26.0% 0.0% 100.0%
Blue Collar 77.7% 22.3% 0.1% 100.0% 84.7% 15.2% 0.0% 100.0% 88.6% 11.3% 0.0% 100.0%
Total 71.6% 28.3% 0.1% 100.0% 79.0% 20.9% 0.1% 100.0% 84.5% 15.5% 0.0% 100.0%
≤30 30-50 ≥50

Prysmian
no. as at 31.12.2022
Male Female Total Male Female Total Male Female Total
White Collar 56.2% 43.8% 100.0% 66.5% 33.5% 100.0% 74.5% 25.5% 100.0%
Blue Collar 79.6% 20.4% 100.0% 85.5% 14.5% 100.0% 89.5% 10.5% 100.0%
Total 74.5% 25.5% 100.0% 80.2% 19.8% 100.0% 85.2% 14.8% 100.0%
≤30 30-50 ≥50

Prysmian
no. as at 31.12.2021
Male Female Total Male Female Total Male Female Total
White Collar 58.7% 41.3% 100.0% 67.2% 32.8% 100.0% 75.9% 24.1% 100.0%
Blue Collar 81.5% 18.5% 100.0% 86.8% 13.2% 100.0% 90.1% 9.9% 100.0%
Total 76.7% 23.3% 100.0% 81.2% 18.8% 100.0% 86.0% 14.0% 100.0%
The following tables show, with reference to the entire Prysmian, the total number of new hires and leavers during the
three-year period 2021-2023.
Hires 2023
EMEA APAC North America LATAM Group

Female
Female
Female
Female
Female
Other
Other
Other
Other
Other
Total
Total
Total
Total
Total
Male
Male
Male
Male
Male
Blue Collar
<30 578 93 - 671 156 16 - 172 1,023 423 2 1,448 170 158 1 329 1,927 690 3 2,620
31-50 253 53 - 306 66 7 - 73 376 178 2 556 94 36 - 130 789 274 2 1,065
>50 67 14 - 81 8 2 - 10 112 37 1 150 7 2 - 9 194 55 1 250
Total 898 160 - 1,058 230 25 - 255 1,511 638 5 2,154 271 196 1 468 2,910 1,019 6 3,935
White Collar
<30 137 116 - 253 12 19 - 31 34 26 - 60 18 21 - 39 201 182 - 383
31-50 166 134 - 300 30 33 - 63 55 45 1 101 55 46 - 101 306 258 1 565
>50 27 19 - 46 4 3 - 7 32 21 - 53 4 2 - 6 67 45 - 112
Total 330 269 - 599 46 55 - 101 121 92 1 214 77 69 - 146 574 485 1 1,060
Blue Collar+White Collar
<30 715 209 - 924 168 35 - 203 1,057 449 2 1,508 188 179 1 368 2,128 872 3 3,003
31-50 419 187 - 606 96 40 - 136 431 223 3 657 149 82 - 231 1,095 532 3 1,630
>50 94 33 - 127 12 5 - 17 144 58 1 203 11 4 - 15 261 100 1 362
Total 1,228 429 - 1,657 276 80 - 356 1,632 730 6 2,368 348 265 1 614 3,484 1,504 7 4,995

Departures 2023
Female
Female
Female
Female
Female
Other
Other
Other
Other
Other
Total
Total
Total
Total
Total
Male
Male
Male
Male
Male
Blue Collar
<30 330 87 - 417 78 9 - 87 847 298 1 1,146 113 52 - 165 1,368 446 1 1,815
31-50 467 84 - 551 101 30 - 131 650 210 2 862 152 57 - 209 1,370 381 2 1,753
>50 377 37 - 414 55 6 - 61 331 58 - 389 44 - - 44 807 101 - 908
Total 1,174 208 - 1,382 234 45 - 279 1,828 566 3 2,397 309 109 - 418 3,545 928 3 4,476
White Collar
<30 57 37 - 94 6 9 - 15 22 10 - 32 19 9 - 28 104 65 - 169
31-50 198 101 - 299 40 33 - 73 81 26 - 107 65 42 - 107 384 202 - 586
>50 132 53 - 185 23 3 - 26 81 30 - 111 26 2 - 28 262 88 - 350
Total 387 191 - 578 69 45 - 114 184 66 - 250 110 53 - 163 750 355 - 1,105
<30 387 124 - 511 84 18 - 102 869 308 1 1,178 132 61 - 193 1,472 511 1 1,984
31-50 665 185 - 850 141 63 - 204 731 236 2 969 217 99 - 316 1,754 583 2 2,339
>50 509 90 - 599 78 9 - 87 412 88 - 500 70 2 - 72 1,069 189 - 1,258
Total 1,561 399 - 1,960 303 90 - 393 2,012 632 3 2,647 419 162 - 581 4,295 1,283 3 5,581
New Hires 2022

Female
Female
Female
Female
Female
Total
Total
Total
Total
Total
Male
Male
Male
Male
Male
Blue Collar
<30 546 157 703 143 23 166 623 151 774 456 321 777 1,768 652 2,420
31-50 686 171 857 221 29 250 727 229 956 339 277 616 1,973 706 2,679
>50 103 23 126 22 1 23 186 63 249 19 17 36 330 104 434
Total 1,335 351 1,686 386 53 439 1,536 443 1,979 814 615 1,429 4,071 1,462 5,533
White Collar
<30 147 107 254 25 42 67 46 29 75 35 36 71 253 214 467
31-50 222 150 372 78 49 127 79 49 128 64 48 112 443 296 739
>50 31 25 56 23 4 27 36 16 52 3 4 7 93 49 142
Total 400 282 682 126 95 221 161 94 255 102 88 190 789 559 1,348
<30 693 264 957 168 65 233 669 180 849 491 357 848 2,021 866 2,887
31-50 908 321 1,229 299 78 377 806 278 1,084 403 325 728 2,416 1,002 3,418
>50 134 48 182 45 5 50 222 79 301 22 21 43 423 153 576
Total 1,735 633 2,368 512 148 660 1,697 537 2,234 916 703 1,619 4,860 2,021 6,881

Leavers 2022
Female
Female
Female
Female
Female
Total
Total
Total
Total
Total
Male
Male
Male
Male
Male
Blue Collar
<30 283 132 415 116 13 129 464 110 574 421 214 635 1,284 469 1,753
31-50 441 97 538 134 19 153 574 172 746 368 183 551 1,517 471 1,988
>50 285 34 319 26 5 31 264 59 323 55 14 69 630 112 742
Total 1,009 263 1,272 276 37 313 1,302 341 1,643 844 411 1,255 3,431 1,052 4,483
White Collar
<30 56 34 90 18 16 34 35 13 48 21 14 35 130 77 207
31-50 246 117 363 51 42 93 83 42 125 80 54 134 460 255 715
>50 124 39 163 22 5 27 58 23 81 27 6 33 231 73 304
Total 426 190 616 91 63 154 176 78 254 128 74 202 821 405 1,226
<30 339 166 505 134 29 163 499 123 622 442 228 670 1,414 546 1,960
31-50 687 214 901 185 61 246 657 214 871 448 237 685 1,977 726 2,703
>50 409 73 482 48 10 58 322 82 404 82 20 102 861 185 1,046
Total 1,435 453 1,888 367 100 467 1,478 419 1,897 972 485 1,457 4,252 1,457 5,709
New Hires 2021

Female
Female
Female
Female
Female
Total
Total
Total
Total
Total
Male
Male
Male
Male
Male
Blue Collar
<30 472 177 649 128 29 157 603 135 738 513 182 695 1,716 523 2,239
31-50 529 148 677 234 55 289 646 174 820 449 129 578 1,858 506 2,364
>50 93 18 111 26 - 26 227 55 282 22 8 30 368 81 449
Total 1,094 343 1,437 388 84 472 1,476 364 1,840 984 319 1,303 3,942 1,110 5,052
White Collar
<30 97 73 170 19 30 49 38 21 59 50 32 82 204 156 360
31-50 188 105 293 83 54 137 68 34 102 111 44 155 450 237 687
>50 23 8 31 13 1 14 46 17 63 7 2 9 89 28 117
Total 308 186 494 115 85 200 152 72 224 168 78 246 743 421 1,164
<30 569 250 819 147 59 206 641 156 797 563 214 777 1,920 679 2,599
31-50 717 253 970 317 109 426 714 208 922 560 173 733 2,308 743 3,051
>50 116 26 142 39 1 40 273 72 345 29 10 39 457 109 566
Total 1,402 529 1,931 503 169 672 1,628 436 2,064 1,152 397 1,549 4,685 1,531 6,216

Leavers 2021
Female
Female
Female
Female
Female
Total
Total
Total
Total
Total
Male
Male
Male
Male
Male
Blue Collar
<30 261 99 360 108 17 125 378 87 465 414 139 553 1,161 342 1,503
31-50 370 72 442 135 32 167 500 128 628 365 122 487 1,370 354 1,724
>50 319 37 356 17 2 19 242 57 299 55 12 67 633 108 741
Total 950 208 1,158 260 51 311 1,120 272 1,392 834 273 1,107 3,164 804 3,968
White Collar
<30 64 34 98 13 18 31 21 8 29 15 14 29 113 74 187
31-50 157 73 230 51 34 85 70 22 92 90 44 134 368 173 541
>50 101 34 135 9 3 12 55 24 79 24 2 26 189 63 252
Total 322 141 463 73 55 128 146 54 200 129 60 189 670 310 980
<30 325 133 458 121 35 156 399 95 494 429 153 582 1,274 416 1,690
31-50 527 145 672 186 66 252 570 150 720 455 166 621 1,738 527 2,265
>50 420 71 491 26 5 31 297 81 378 79 14 93 822 171 993
Total 1,272 349 1,621 333 106 439 1,266 326 1,592 963 333 1,296 3,834 1,114 4,948
In 2023, the overall outgoing turnover rate was 18.9% (18.3% for the male population and 21.2% for the female population),
while the incoming turnover rate was 16.9% (14.8% for the male population and 24.8% for the female population). The
voluntary turnover rate was 12.2% (11.3% for the male population and 15.4% for the female population).
The outgoing turnover rates were: EMEA 12.1%; APAC 13.9%; North America 36.7%; LATAM 17.3%.
With regard to the outgoing turnover rate by age group, the largest movements was among the under thirties (42.8%),
followed by those between thirty and fifty (14.7%) and, lastly by employees over fifty (13.9%).
The rates for overall incoming turnover were: EMEA 10.2%; APAC 12.6%; North America 32.8%; LATAM 18.3%.
The incoming turnover rates by age group were: 64.9% under thirty; 10.2% between thirty and fifty; 4% over 50.
The following table shows the number of Group contractors 35, calculated as the ratio of total hours worked by
“contractors”/theoretical annual workable hours assumed to be equal to 1,800:
2023 2022
Number of non-employee workers 5,236 4,897
35 This disclosure requires the organization to report the number of workers who are not employees and whose work is controlled by the organization. Control of work
implies that the organization directs the work performed or has control over the means or manner in which the work is performed.

People engagement
Engaging the workforce means, first and foremost, paying attention to and monitoring the needs and requirements
of its people. For this purpose Prysmian organizes an annual global survey to which it invites all employees, executives,
and white-collar and blue-collar workers to respond and anonymously share their opinions on the work environment,
integration, development and relationship with the organization. This initiative is managed in collaboration with an
independent third party that supports this work to ensure comparability, confidentiality and data consistency.
The analysis of the results of this survey is also enabling us to focus on certain areas through specific global and local
initiatives for the continuous improvement of the work environment.
In 2022 the survey (48 questions for white collar and 20 for blue collar) was administered in collaboration with SDA
Bocconi: 86% of employees, or a large portion of white-collar workers (83%) and an even larger portion of blue-collar
workers (87%), participated in the survey, which concluded with an Engagement Index36 of 61% and a Leadership
Impact Index37 of 55%.
Above all, Prysmian has paid enormous attention to the result of the Leadership Impact Index, which is also integrated
into the LTI (Long-Term Incentive) plan that ended in 2022. After a meticulous phase of sharing and analyzing the
outcomes of the survey, the company launched a granular and articulated action plan in 2023 aimed at continuous
improvement of the company’s working environment and micro-climate. These initiatives were developed around
three work areas:
• human capital management practices, with a particular focus on the issues of compensation and recognition, in
addition to training and development;
• organizational and work environment with projects for collaboration, inclusion, the employee experience and
employee health and well-being;
• greater strategic alignment and the strengthening of manager leadership and trust within teams. To this end,
new organizational communication and listening tools have been deployed.
Through close collaboration between HR and the other functions, the company initiated around 200 actions at local
and factory level and more than 20 global initiatives.
The new SpeakUp 2023 was launched between November and December 2023 in collaboration with Polimi University
as an independent third party. Once again intended for the entire population, it ended with 85% participation (90%
desk workers and 84% blue collar workers). The Engagement Index and Leadership Impact Index results reflected the
efforts made during 2022, coming to around 63% and 57%, two percentage points higher than the previous year. In
addition, the fact that the company confirmed the inclusion of the Leadership Impact Index in the 2023-2025 LTI plan
demonstrates its full awareness of the importance of people engagement to the Group’s sustainable growth and a
solid desire to continue cultivating it over time.
Ability to attract talent
In an ever-changing labor market environment characterized by challenges such as generational turnover and gender
balance, Prysmian recognizes the strategic importance of talent acquisition, especially for companies operating in
technical-industrial sectors. This commitment has resulted in constant renewal and development of key projects and
initiatives, with the aim of supporting the business and strengthening the corporate culture.
The initiatives put in place by the Group focused on three main areas
1. attraction and employer branding programs, to improve the company’s visibility in the labor market;
2. promotion of internal mobility via the Internal Job Posting tool;
3. digital innovations in the recruiting process in order to improve the candidate experience thanks to the
personnel management platform, Workday.
With the aim of making selection processes increasingly rigorous and methodologically sound, and for this reason
exclusively oriented towards the search for merit and talent, 2023 was also the year of the launch of new policies such
as the “Conflict of Interests in Recruitment”, and the updating of existing policies such as the “Diversity Recruitment
Policy”, first adopted in 2019.
Investments continued to be made in training relating to the candidate selection and interview process for both the
HR function and line managers, generating more than 30 total hours of training.
36 The Engagement Index is considered a result greater than or equal to 5 – on a scale from 1 (low) to 7 (high) – based on two questions from a survey that measures
employee engagement.
37 The Leadership Impact Index is considered a result greater than or equal to 5 - on a scale from 1 (low) to 7 (high) – based on five questions from a survey that measures
employee engagement. These indices have been developed in collaboration with SDA Bocconi.

In line with the objectives of Social Ambition, the global “STEM IT” attraction and recruiting program was then further
strengthened, which supported almost 40 more new hires than in 2022, ending with a total of 143 hires. “STEM IT”
envisages a training, development and career-support path for new colleagues joining the R&D, Production, Logistics,
Project Service & Installation, Quality, IT and HSE areas of Prysmian. “STEM IT” female recruits (62% in 2023) are supported
by a dedicated training initiative known as “Women in STEM IT”, which is intended to support their development and
leadership within the organization. In this sense, “STEM IT” is a program that assumes particular relevance in meeting
the goal of +500 STEM women in 2027, a message recently reinforced by Prysmian on Capital Markets Day.
With a view to the continuous development of its human capital, Prysmian intends to facilitate internal mobility, and
to this end has launched Internal Job Posting (IJP), a system for posting and applying for open positions within the
Group, fostering the internal development and enhancement of people already working in the company who show
growth potential.
The IJP had been launched as a pilot project in the United States in 2019 and was then expanded globally starting in
2021. Thanks to the launch of the Workday digital platform in March that year, the number of colleagues who have
taken the opportunity for a professional transition through the IJP has increased sharply (+17% during the last year): 136
in 2021, then 171 in 2022 and 200 in 2023.
In summary, in the more than 10 years since its launch, the Group’s Recruiting Programs have greatly contributed
to attracting valuable resources externally, while also playing a key role in the progressive achievement of gender
balance in employee hiring globally. They also provided new colleagues with important training and development
opportunities that over time fostered their growth and engagement within the organization. The various programs
are described in detail below.
Build the Future, Graduate Program
The numbers from 2023:

• 57 new graduates
• almost 35,000 candidates
• 60% female representation
• 12 editions since 2012
The objective of the Graduate Program is to recruit, support and develop new graduates for central roles in
areas key to the future of Prysmian, such as Operations, R&D and Sales. The Graduate Program comprises
various stages, from a careful selection process to the assignment of an important technical or managerial
role after three years of international experience. Further growth in recruitment is expected in 2024. Notably,
since 2021 Build the Future has been accompanied by “Empower your community”, a program intended to
recruit new graduates who, by directly supporting the Group’s companies, are primarily engaged roles linked to
digitalization and sustainability. Five new graduates were recruited as part of the “Empower your community”
program in 2023. This number will surpass ten hires in 2024 as the program is expanded to more regions.
2024 will be the year of the 13th edition of the Graduate Program, which over the last year has also been revisited
and redesigned in order to increasingly meet business needs and development requirements.
The new structure includes a 5-year program in which the first year will be devoted to job rotation in the two
main departments of R&D and Operations. The second year will still run locally, consolidating experience in one
of the two departments and in preparation for a 3-year international assignment, the duration of which has
remained unchanged.
The program is open to applicants with a STEM background.

STEM IT

• 143 professionals hired
• 62% female recruitment
The objective of the STEM IT program is to introduce new talents who are diverse in terms of culture and
background and who can contribute to the process of cultural change and enhancement taking place at
Prysmian. The program, in addition to training (“on Boarding & Training on the Job”) of about 2 months for
integration within the local organization and the role, also includes the assignment of a corporate mentor
and ongoing technical training relying on Prysmian Faculty trainers and the involvement of internationally
prestigious universities. The STEM IT training is spread over 5 years and encompasses the following modules:
fundamentals of cable manufacturing, Product Management, Industry 4.0, Soft Skills, Sustainability and Project
Leadership. As mentioned previously, the STEM IT program also features a section dedicated entirely to female
leadership, known as “Women in STEM IT”.
SELL IT

• 48 salespersons hired
The objective of the SELL IT program is sales force growth and development. Following the same steps as
the STEM IT Program, SELL IT also starts with a careful selection of candidates and continues with a training
program (“On Boarding & Training on the Job”) of about 2 months, aimed at placing them in the local reality
and the role. This also includes the assignment of a corporate mentor and ongoing technical training through
Prysmian Faculty trainers and the involvement of universities of international standing.
SELL IT training is spread over 5 years and includes the following modules: Product Management, Marketing
and Sales Skills, Soft Skills, Sustainability and Advanced Negotiation. Recruitment through the SELL IT program
has seen an increase compared to 2021 and 2022.
SUM IT
• 9 professionals
SUM IT, launched in 2020, is entirely dedicated to professionals working within the industrial control function.
The program follows the training path already described in previous projects and is spread over five years. It
includes the following modules: fundamentals of cable manufacturing, industrial controlling, reporting, soft
skills and sustainability.
Overall and consistent with the gender balance objectives, the Group’s Global Recruiting Programs have seen growing
recruitment of women over the last three years, as shown in the table below:
2021 2022 2023
Men 56% 39% 38%
Women 44% 61% 62%

Performance and Talent Management
Prysmian People Performance P3
Prysmian believes that every employee can make a significant contribution to the company’s success.
The “Prysmian People Performance (P3)” program, intended for all desk workers globally, provides the opportunity to
set clear goals and align them with the company’s targets. P3, supported by the online HR platform, not only monitors
individual performance, but also promotes behaviors aligned with the leadership model. In this way, transparent and
direct communication is fostered between managers and employees, allowing for the ongoing sharing of results and
distinguishing performance based on objective assessments.
The project includes occasions for frequent and structured interaction between manager and employee: in the initial
goal setting phase, mid-year and at the end of the project to share assessments. In addition, the Workday platform
offers feedback tools available at any time: it is possible to provide them to anyone in the company, requesting them
for oneself as well as for another employee. During the year, new ways were also activated to provide immediate and
agile judgments.
During 2023, the company was engaged in the execution of a global initiative aimed at training on effective global
feedback sharing that reached a total of 3,878 people.
In 2022, the P3 performance assessment process involved 7,140 employees (including 4,877 men and 2,239 women)
and wrapped up in March 2022. The 2023 P3 was launched in February, involving 8,081 desk workers. This cycle will end
in spring 2024, including the final stages of calibration and subsequent feedback. Final data, including gender details,
are provided in the table below.
Prysmian 2023 Male Female Other Total
Number WC employees in the P3 program 4,815 2,202 123 7,140
Percentage WC employees in the P3 program 67% 31% 2% 100%
Number WC employees - Poor evaluation 195 67 25 287
Number WC employees - Solid evaluation 3,718 1,786 88 5,592
Number WC employees - Outstanding evaluation 902 349 10 1,261
The final assessment is based on two criteria:
• “Achievements”: measurable targets based on specific KPIs linked to the role;

• “Leadership: behavioral guidelines.
Behavioral guidelines are based on the Leadership model shown below, divided into six key principles, as well as
compliance with the Code of Ethics.
Leadership traits
Actively explore and understand customer needs. Make customers the top priority
We are customer driven
and go the extra-mile to exceed expectations.
Drive
Consider market trends and strategie goals to anticipate the future.

We think ahead
Pursue focused innovation and improvement.
Embrace diversity and inclusion leveraging on the value that it can bring to promote
We value diversity
collaboration and cooperation within the organization.
Trust
NEW
We empower people Foster a culture of ownership and accountability. Always act as a role model,
and help them thrive ensuring integrity and delivering on promises.
Keep things simple in order to facilitate timely and focused decisions.

Simplicity
We take action
Balance a short term value within a mid term perspective.
Achieve consistent results, focusing on priorities and ensuring both effectiveness

We deliver results
and efficiency in the process of delivery.

Prysmian People Performance Potential (P4)
With the aim of implementing a process to identify talent and develop succession plans, in 2017 Prysmian introduced
a two-year structured tool called “Prysmian People Performance Potential (P4)”. This program assesses the potential of
talented individuals, i.e. those who were high performers in P3 over the previous two years, based on three indicators:
motivation, change leadership and speed of learning. At the end of the potential assessment, it is essential to define
a growth plan for talent development. During 2023, 31% of Desk Workers were involved in the P4 assessment, which
is the same percentage of those who received an evaluation for two consecutive years meeting the criteria described
above. In addition, the discussion process regarding Succession Plans occurs every two years and in 2023 involved
1686 positions (all group executive positions and some other relevant middle management positions including
factory managers and their front lines), a significant increase from the 386 positions discussed in 2021. This exercise
has provided visibility on the 60% of these positions found to have at least one successor compared to 40% with no
succession plans about which specific action plans are in place.
Talent managemnt process – P4 – 2023 results Men Women Total
Desk workers included in the performance assessment program 1,549 638 2,187
% desk workers included in the performance assessment program 70.80% 29.20% 100%
The new performance and development evaluation process
An innovative annual process was implemented in 2023 to assess the performance and identify the potential of all
desk workers, amounting to around 8,000 people. This new system stands out due to its simplicity, inclusiveness and,
above all, its person-centered orientation. This system, which starting from January 2024 has replaced the previous P3
and P4 assessment systems, provides opportunities for employees to guide and share their aspirations, geared toward
professional and personal growth, by promoting a culture of continuous feedback between manager and employee
and vice versa (reverse feedback), as well as between colleagues.
In the final months of 2023, training sessions were organized for all desk workers with a view to providing information
and tools on the new performance process called P+. Several activities are planned at global and regional level in
2024 to accompany and support our people in this significant change in both methodology and culture (change
management).
Training and development

Staff training and development are fundamental components of Prysmian’s responsibility to People. In 2023, the total
average training hours per employee was 35.7, 23% per FTE more than the previous year. This represents significant
progress from 2021, when there was an average of 18 hours of training per employee. The positive trend is in line with
the growth targets outlined in the Group’s 2030 Social Ambition.
Hours of training provided
Male Female Other Total
White Collar 240,725 135,309 95 376,130
Blue Collar 566,641 117,247 705 684,593
Total 807,366 252,556 801 1,060,723
Average training hours provided per employee
Male Female Other Total
White Collar 44 50 17 46
Blue Collar 31 36 85 32
Total 34 42 58 36

Prysmian’s educational offerings are structured through the following initiatives: the School of Management, the
Professional School and the Digital School that cover a global scope, and the Local Schools that meet the specific
educational needs of individual regions.
The School of Management focuses on the managerial growth of potential and talent (in accordance with the internal
P4 talent management process) and the training of newly hired graduates through the above-mentioned “Build
the Future.” The latter are particularly involved in a training program called “Post Graduate Program” that aims to
accompany the entry of these young talents into the company, supporting their all-round skills development and
investing in both technical and business and leadership subjects.
The year 2023 was also the year of the second editions of the Leadership Programs for Middle Managers (Journey
to International Leadership – JIL) and Executives (Journey to Advanced Leadership – JAL), with the involvement
of a further 130 people, in addition to the 130 already appointed in 2022 and who will complete the journey in
2024.
The JIL and JAL, both with a total duration of 18 months, primarily aim to train participants in key general management
content, while accompanying them towards the application of these concepts at Prysmian, thus fostering the
sharing of the Group’s strategic objectives for the coming years and the strengthening of the one-company culture.
Participants are also required to work on concrete projects, once again choosing and then applying theories and tools
learned during the training courses, thus fostering a healthy cross-fertilization between classroom activities and daily
operations that makes the JIL and JAL two effective training and development initiatives that are in step with the
most recent trends in executive education.
Consistent with the one-company logic, the Group’s commitment in terms of management training extends across its
entire scope (Region and Business Division) through Regional Leadership Programs (RLPs). The RLP is a development
journey that allows for a broader population of managers to be rapidly involved in the flow of change and to contribute
to the achievement of the strategic goals of the Region and thus of the Group, creating a link between the local and
the global, but responding to regional growth requirements. The goal is to ensure alignment with and knowledge of
the Group’s strategy amongst everyone in the company who also plays a key role at regional and local level.
The portfolio of people development initiatives is further enhanced with an internal Mentoring program called
“MyMentorship” intended for all employees with corporate seniority of more than one year who are interested in
boosting their technical or soft skills. Mentoring is also a powerful tool for exchange and contamination amongst
managers, and its combination with the programs described above (RLP, JIL, JAL) has been confirmed. In 2023, 231
new mentoring tracks were activated.
The Professional School, on the other hand, is devoted to the development of advanced strategic skills at technical-
functional level, with a view to international networking and career development for “high-performing” employees
(based on the internal P3 process) and new hires through the STEM IT, SELL IT and SUM IT programs.
A range of 29 Professional courses, divided by function, is available: Manufacturing, Supply Chain, IT & Digital,
Purchasing, Sales, Quality, R&D and HSE, in addition to cross-functional courses dedicated to all, such as Project
Leadership and Advanced Negotiation Skills. More than 150 internal Corporate and Regional instructors collaborate
on course implementation, putting their knowledge at the service of our talent. In the course of 2023, there were 1025
participants in the Professional School. In addition to all of the technical and functional academies, the Professional
School offers an internal Master in Human Resources, now in its third edition, which trained colleagues from around
the world this year.
Digital, the third and final Corporate Academy School, offers about 30 courses and supports the global sharing of
technical and functional content for Desk Workers and Non-Desk Workers. In 2023, the number of courses increased
by 30% and participants by 13% to a total of 9,265 people involved.
Local Schools, present across all regions since in 2021, respond to contingent needs linked to workforce characteristics,
the local business and the relevant market.
The organization of each School is autonomous, delegated to the regional HR team, but aligned and in synergy with
the Corporate team, particularly in the coordination of programs and initiatives with a cross-regional impact and for
training data monitoring activities that are part of the measurement of the Integrated Report indices.
In 2023, the educational offerings of the Local Schools were enhanced through the training of local teachers in two
areas:
• Soft Skills (70 trainers certified in Conflict Management, Problem Solution Fit, Smart Decision Making, Remote
Meeting Management, Customer Centricity, Remote Public Speaking, Stress Management, Emotional Intelligence,
Influence and Communication Skills, and more than 69 sessions delivered)
• Professional School Fundamentals courses delegated and customized locally by the Regions: Manufacturing
Fundamentals, HSE Fundamentals and Supply Chain Fundamentals.

Thanks to the delegation of Fundamentals in 2023, more than 400 people in 8 regions were trained in 2023, also
involving participants in the STEM IT, SELL IT and SUM IT programs.
To foster mutual enrichment and the exchange of good and best practices between regions and BUs, and ensure local-
global alignment, the global Academy team leads weekly meetings with regional and business People Development
Leaders, thereby facilitating the dissemination of Local School training plans.
Lastly, in 2023 Prysmian consolidated the activities of the Global Sustainability Academy, which involves all Group
employees in the more than 50 countries in which the business operates. The initiative – launched in 2022 – aims
to spread the culture of sustainability within the entire company population and further strengthen the Group’s
commitment to implementing its Climate & Social Ambitions. The Sustainability Academy training program features
the involvement of internationally prestigious Business Schools.
In 2023 the structure of the program comprises five modules – Awareness, Knowledge, Impact, Leadership and ESG
KPIs – which are differentiated depending on the target audience. In 2023, more than 5,000 employees were involved
in the Sustainability Academy training programs.
In 2023, Prysmian also strengthened investments in the global and uniform tracking of training data, and in particular
the digital collection and counting of training hours at local level. The company has updated and digitalized part of the
global internal control procedure for the collection of training hours, making it increasingly straightforward to record
hours delivered in order to communicate them transparently and effectively to the outside world. On a quarterly basis,
the global Academy in particular provides the Regions and Business Units with support for the overall calculation of
training hours and to perform a spot check of the data entered into the system and the relative feedback in the event
of inconsistencies, with a view to continuous improvement.
Dialogue with Social Partners and Collective Bargaining
In 2023, the percentage of Group employees covered by collective bargaining agreements was 64%.
For employees not covered by collective bargaining agreements negotiated directly by Prysmian and the works
council, Prysmian applies the working and employment conditions envisaged in the collective bargaining agreements
negotiated and agreed at national or industry level (i.e. not directly by Prysmian or by members of the works council, but
rather by relevant industry employers’ associations and national or industry trade unions). In the absence of a collective
agreement applicable to the specific factory/site/workplace, Prysmian applies dedicated employment policies that
are notified to individual employees and accepted by them through the formalization of their personal employment
contracts. The situation clearly varies a great deal but, in all cases, the terms and conditions of employment are always
well defined and collectively known and accepted.
With reference to organizational changes and the related minimum notice period, each country in which the Group is
present complies with the related local regulations in force.
The Group steadfastly maintains its focus on cultivating social dialogue on a constructive and continuous improvement
basis, firmly believing that the contribution of the social partners is always a decisive stimulus and support in Human
Resource management policies. Notwithstanding the fact that workers’ representatives and trade unions operate
freely, subject to local legislation and practices, the Group guarantees their involvement and consultation in the main
collective personnel management processes at all existing trade union levels, from factory level to international level
(European Works Council).
In many of the countries in which the Group operates, 2023 was also a year marked by the signing of agreements with
workers’ representatives and trade unions: any corporate process or project with an impact on HR for which union
consultation was required in most cased ended with the finalization of an agreement or with a record of a complete
disclosure procedure. Union agreements concerned both ordinary renewals of the economic and regulatory parts
of expiring collective bargaining agreements and new working time conditions and shifts when necessary due to
specific market conditions.
It should be highlighted that, as usual, with reference to organizational changes and the related minimum notice
period, each country in which the Group is present complies with the related local regulations.
In addition, at European level, on 26 May 2023 Prysmian renewed the agreement establishing the European Works
Council (EWC) with union representatives from the majority of European factories.
Under the new agreement, the Committee will consist of 27 union representatives from all European countries where
Prysmian has a presence. The presence of an executive body (called the Select Committee) of the European Works
Council was also confirmed, which can count on the contribution of seven members, elected by the 27 members of
the General Committee.
Trade union conflict within the Group was insignificant at global level in 2023, thanks to the constant pursuit of

the described industrial relations policy aimed at preventing any source of dispute that could potentially generate
conflict at different levels, through constructive dialogue, usually accompanied by proactive union consultation.
During 2023, Prysmian announced that it will cease operations at some of its production facilities (Calais, Köpenick
and Washington). Aware of its responsibilities to the local areas, the company is defining all viable solutions in
full cooperation with public authorities and union representatives in order to reduce impacts on communities.
Negotiations have been initiated with stakeholders to implement social plans involving various measures, including
job relocations to other Group sites and redundancy incentives. The goal is to enable each employee to find the most
suitable solution for their personal needs.
In 2022, Prysmian launched an innovative share-based variable compensation (BE-IN) and profit sharing plan on
the Company’s shares, potentially targeting more than 25,000 of the Group’s blue- and white-collar employees
across more than 35 countries. Approved by an overwhelming majority at the Shareholders’ Meeting, the Plan
is spread over the years 2022, 2023 and 2024 and calls for the allocation of up to 3,000,000 shares.
The main objective of the plan is to share the value creation generated by Prysmian with a broad base of
employees, mainly blue-collar workers; the plan also aims to strengthen engagement and the sense of belonging
of the Group’s employees by promoting their stable investment in the Company’s share capital.
For Prysmian’s management, it is crucial to align the interests of all Stakeholders, from employees to shareholders,
around the common goal of long-term sustainable value creation. To achieve this goal, it is therefore essential to
involve those who are not recipients of share-based incentive plans usually reserved for managers and executives,
such as the GROW plan.
Employees may participate in the plan on a voluntary basis, unless established otherwise in any agreements with
trade union organizations, by opting to receive the payment of a portion of the monetary incentive to which they are
entitled or production bonuses in the form of shares, the number of which will be calculated based on the extent
of each individual bonus and the assignment value (the average share price in the 30 trading days prior to the
assignment date). The Company may define a minimum and/or predetermined percentage for the conversion of
the monetary bonus into shares on an annual and individual basis. The plan also calls for employees to be awarded
an additional number of shares, for a value of up to a maximum of 50% of the share of the monetary bonus covered
by shares, as well as an additional amount of shares after 12 months, provided that the shares initially received are
not sold before the end of that annual period.
With the necessary adjustments, the Plan can also be activated even when there are no pre-existing collective
monetary incentives.
In 2023, the local management of many Group factories and affiliates negotiated and agreed with the local company
committee and the trade unions to implement the Plan when requested. The global implementation process has
been satisfactory, reaching more than 50% of the plan’s eligible population, with the prospect of increasing this
percentage even more next year.
Employee involvement in share ownership is of paramount importance at Prysmian, which already stands out due
to its decision to pay the bulk of incentives reserved for management, the annual MBO and the three-year Long-
Term Incentive Plan, in shares. In addition, with the YES Plan launched in 2013, Prysmian employees also have the
opportunity to buy Company shares under favorable conditions during multiple annual periods.
Currently, Prysmian employees, including Top Management, hold about 3% of the Company’s share
capital, a significant percentage in a Public Company where there are no majority shareholders capable
of exercising control.
Remuneration policy and welfare plans

Like all people-oriented initiatives, also the remuneration policy adopted by Prysmian is designed to attract and
recognize talented resources, who have the skills needed to address the complexity and specialized nature of the
business, in addition to the international competitive context in which the Group operates.
This policy is defined in a way that aligns the long-term interests of employees, management and shareholders,
pursuing the priority objective of creating sustainable value over time for all stakeholders.
The remuneration policy is largely founded on the principle of sharing the results achieved, via systems that establish
a real and verifiable link between pay and performance, both individually and at Prysmian level.
The remuneration policy for expatriate employees and senior executives is determined centrally while, for other
personnel, local programs are implemented in accordance with the guidelines on remuneration defined centrally.

The remuneration policy for executive directors and key management personnel is determined as the result of
a shared and transparent process, during which both the Remuneration and Nominations Committee38 and the
Board of Directors play a central role. Indeed, the Committee periodically submits the remuneration policy to the
Board of Directors for approval and checks on its application during the year, engaging the shareholders when
necessary for their feedback and input. The pay structure for executive directors, key management personnel and
executives comprises a fixed remuneration component, a short-term variable remuneration component and a
medium/long-term variable remuneration component.
For 2023, the ratio between the total annual remuneration (fixed remuneration plus annual variable remuneration
and long-term variable remuneration) of the Chief Executive Officer39 and the total median annual remuneration
of Group employees, overall worldwide is equal to 70.
In 2023, annual total compensation for the Chief Executive Officer decreased compared to 2022 due to the lower
value of the long-term variable component, so the ratio of the percentage decrease in annual total compensation
for the Chief Executive Officer to the median percentage increase in annual total compensation for all employees
was -7.7 (the ratio of the percentage increase in annual total compensation for the Chief Executive Officer to the
median percentage increase in annual total compensation for all employees had been 0.90 in 2022).
Furthermore, the ratio between the total annual remuneration for 2023 (fixed remuneration plus annual variable
remuneration and long-term variable remuneration) of the Chief Executive Officer, compared to the median
annual remuneration of Group employees overall worldwide is equal to 60 (compared to 89 in 2022).
The ratio of the percentage decrease in annual total compensation for the Chief Executive Officer to the average
percentage change in annual total compensation for all employees was -9.1 (the ratio of the percentage increase
in annual total compensation for the Chief Executive Officer to the average percentage change in annual total
compensation for all employees had been 0.58 in 2022).
Shareholders, together with investors, are regularly urged to provide feedback and suggestions regarding the
remuneration policy. Their opinions are considered when preparing the mentioned policy, which is periodically
submitted to a vote at the shareholders’ meeting.
As part of its transparency on remuneration issues, Prysmian has issued guidelines, in compliance with local laws,
that link pay measures at all levels of the organization and variable remuneration plans to individual performance
assessment.
The fixed component of remuneration is reviewed annually and, if necessary, updated to remain competitive with
market conditions, the position held and personal performance, while always complying with local regulations. This
meritocratic approach is based on a global system of organizational position and performance evaluation, which is
applied on a consistent basis throughout the Group.
Sustainability is playing an increasingly important role in the remuneration policy of Prysmian40. Part of the
variable short- and long-term remuneration of all managers, including executive directors and key management
personnel, is linked to the achievement of sustainability targets, which are monitored using ESG indicators.
Welfare System
Throughout the Group, the monetary package is supplemented by additional benefits, such as supplementary
pension and healthcare policies, personal injury insurance, a company car for those entitled and company canteen
or restaurant vouchers. These benefits are adapted to local conditions, having regard for market characteristics
and relevant regulations.
Participation in the creation of sustainable value over time is open to all employees, via the Value4All program
based on share ownership plans allowing them to become stable shareholders.
The Value4All program includes both the YES Plan, the discount purchase plan for employees now in its tenth
year in 2023, and the BE IN Plan, the new plan dedicated to the non-managerial population that allows for the
conversion of production bonuses into shares.
The objectives pursued by Prysmian via the Value4All program are to increase the participation, engagement,
sense of belonging and business understanding of employees, ensuring that the interests of shareholders, cu-
stomers and employees converge over time, and reinforcing the internal perception of Prysmian as a single and
unique enterprise, truly “One Company”, thus building a stable base of employee-shareholders.
38 Further information about the activities of the Remuneration and Nominations Committee and the vote expressed by the shareholders is available in Section II of the
“Report on Remuneration Policy and Compensation Paid” https://www.prysmian.com/en/company/governance/remuneration-policy
39 Temporary workers, agencies, interns, Nantong plant workers and workers employed on vessels were excluded from the calculation of average and median wages.
The average and median remuneration was determined using the theoretical gross annual remuneration as at 31 December 2023 plus variable components (MBO and LTI
plans) related to the relevant year according to best estimates where data were not available, excluding non-recurring items and labor costs.
For part-time workers, the theoretical full-time figure of gross annual compensation as at 31 December 2023 was taken into account.
40 Further information about the activities of the Remuneration and Nominations Committee and the vote expressed by the shareholders is available in Section II of the
“Report on Remuneration Policy and Compensation Paid” https://www.prysmian.com/en/company/governance/remuneration-policy

For more details on the BE IN Plan, please refer to the section “Dialogue with social partners and collective
bargaining”.
This focus on individuals is confirmed by Prysmian’s commitment to investing in the development of employe-
e-company relations, via numerous initiatives designed to foster engagement.
The Group also enters into agreements with external partners for the supply of products and services at special
rates for employees, such as discounts on theatre tickets, gym subscriptions, magazines and products purchased
in shops. These benefits are equally valid for full-time and part-time employees.
As of 1 January 2023, the Global Maternity Policy, revised in 2021, was fully implemented in all Group countries. As of 15
May 2023, a new Global Parental Policy was formalized and implemented in all Group countries. The “Diversity, Equity,
Inclusion and Equal opportunity” section of this document contains further information on this topic.
This year, Prysmian again implemented national initiatives (Italy/Headquarters) that make it possible to:
• obtain a free flu jab, delivered on company premises;

• donate blood in collaboration with Avis;
• take advantage of an increasingly comprehensive free check-up service in collaboration with Niguarda Hospital
with a view to prevention and a focus on the health of employees in the Milan Bicocca area (with a change in the
frequency of check-ups from biannual to annual for those over 55);
• participate in health and wellness programs based on employee demographic characteristics, such as cancer
prevention and early detection examinations for men and women and breast examinations for all women;
• participate in initiatives dedicated to sports and physical activity and take advantage of a discounted member-
ship to a yoga/Pilates center, as well as participate in monthly Pilates classes dedicated to specific departments;
• participate in first-aid training seminars;
• obtain insurance coverage at special rates with AON;
• participate in the award of 80 scholarship for Secondary School and 20 scholarships for the University education
of the children of employees. These scholarships were set aside in 2023 and will be awarded in early 2024;
• receive an annual pass for public transport at a discounted price under an agreement with ATM;
• participate in gender-based violence awareness seminars for women, and seminars organized in collaboration
with Feltrinelli Education focusing on emotions, as well as seminars on mental health and stress management.
Again at Corporate level with a view to tackling the emergency caused by higher energy costs and inflation, Prysmian
has launched various initiatives to protect the purchasing power of employees, including:
• distribution of petrol vouchers worth Euro 200 to all employees, for a total value of about Euro 480 thousand;
• increase in the value of meal vouchers for all employees, for a total value of about Euro 210 thousand.
Diversity, Equity, Inclusion and Equal Opportunity
The following impacts generated by Prysmian are associated with the material topic “Equity, diversity, inclusion and
respect for human rights”:
• Positive impacts:
– Promotion of specific programs to develop a more inclusive and equitable work environment;
– Promotion of practices to support gender equality, both within group management and the Board of Directors.
• Negative impacts:
– Lack of practices to promote social sustainability within the corporate structure and business model, including
the violation of human rights.
With reference to human resource management and the sustainability of the company’s human capital, Prysmian
has set as a strategic goal the enhancement of Diversity, Equity and Inclusion (DE&I) and equal opportunity through
the development and updating of processes and procedures, innovative data-driven programs and an increasingly
inclusive corporate culture. In line with this commitment, Prysmian has formalized a global “DE&I Manifesto”, which
is available on the Corporate website, in accordance with the Social Ambition 2030. In addition, each Region or
Business Unit has designated at least one Local DE&I Partner responsible for disseminating the DE&I Manifesto and
organizing activities based on local needs or environments.
This year’s portfolio of global DE&I activities is presented below, with many initiatives also implemented locally.
1. Global Diversity Recruitment Policy, available on the Group’s corporate website41: this procedure, which has
been formalized at corporate level, defines an appropriate selection and recruitment process that applies a
standardized methodology to ensure equal opportunity at all stages in the selection process, while also avoiding
stereotypes linked to gender or other diversities. The Diversity Recruitment Policy was made official globally in
March 2019, renewed in November 2023 and translated into six languages in addition to English (Italian, German,
Spanish, French, Portuguese and Chinese).
41 https://www.prysmian.com/en/people-and-careers/why-prysmian/diversity-equity-and-inclusion

2. In order to foster a work environment that ensures equal opportunity, inclusion and non-discrimination, the
Company supports the principle of pay equity by periodically monitoring the Gender Pay Gap which, as part of
its Social Ambition goals, it has committed to eliminating by 2030 on the basis of an annual action plan and the
allocation of a dedicated budget. The Gender Pay Gap analysis performed, the results of which are expressed in
percentage terms as the male/female wages-salary ratio by position and geographical area, is shown below:
2023 EMEA North America LATAM APAC Total
Executive -1% -3% 3% 12% 2%
Managerial positions 3% 5% 5% 15% 5%
Employees 4% 2% 6% 9% 5%
Total 4% 3% 5% 10% 5%
By 2023, the efforts and policies put in place by the Group in all regions aimed at recognizing equal pay for equal
work to women and men have made it possible to eliminate the gap for certain qualifications in certain regions
(negative values for Executives in EMEA & North America indicate higher average wages for women than average
wages for men at the same level in the same region) and keep the gender pay gap within the overall average value
of 5%.
3. In 2023, more and more attention was paid to facilitating work-life balance, in addition to providing existing support
measures such as flexible schedules and remote work. Prysmian has strengthened its commitment to parenting,
not only through the new Global Parental Policy (described in the following point), but also through further
support in the transition of parents back to work, and with the creation of breastfeeding rooms at various locations
in China, Romania and the United States (one is currently under construction at the Group’s headquarters in Milan).
In certain locations, such as the United States, support is offered to families through the Employee Assistance
Program, which connects employees with backup care providers, or in Italy through “Missione Genitori”, which
provides assistance, coaching and concierge services to parents of children under 18 years of age.
The Global Parental Policy, launched in May 2023 and available on the Group’s Corporate website42, will be fully
in effect throughout the Group as starting from 1 January 2024, with the stated aim of recognizing the high value
of parenthood for personal and professional development. The policy is based on four pillars: 16 weeks of fully
paid leave for mothers/primary caregivers, 2 weeks of fully paid leave for fathers/secondary caregivers, Baby Bonus
and Family Support, additional leave support and specific return-to-work procedures. Implementations and
specifications based on local factors are possible.
4. On the subject of overall employee Well-being, the Group has created a Steering Committee, a network of “Well-
being Ambassadors” and a “Well-being Manifesto” to better define the Group’s goals on the subject and promote
a culture in this regard.
In 2023, the month of May was dedicated to raising awareness of mental health through global and local
communications and activities. A global series of seminars on mental health and stress management was
launched, and many activities were carried out locally, such as the creation of a creative newsletter managed by
Italian employees and the designation of four gender-neutral bathrooms at the Milan headquarters.
5. During the year, the decision was made to design and launch a program based on Inter-Generational Communication.
The program, called GenSync, was initiated in the R&D department (identified following specific analyses as the
department in which the management of this issue was most urgent and prioritized) and consists of four phases,
including an in-person group session in which specific regional factors are identified and incorporated into training
materials. This program, which began in the Central and Eastern European region, will be implemented in three
more R&D centers in 2024, continuing with the Group’s other R&D centers in 2025.
6. During 2023, internal and external communication campaigns on Diversity, Equity and Inclusion (DE&I)
continued both globally and locally and were strengthened to raise employee and stakeholder awareness of these
issues. Prysmian holds 3 global educational workshops (Women’s Day, Cultural Diversity Day, Men’s Day) every
year on DE&I topics that include statements from Group leaders. The DE&I Local Partner Network also organizes
regional workshops dedicated to relevant local issues.
On-demand trainings are also available for all Group staff on the Workday platform, which feature topics such as
inclusive leadership and unconscious biases and in which managers are reminded to check for and remove any
biases during the performance assessment process; some regions also require mandatory annual training on the
topic.The DE&I topic has also been included as part of official global onboarding and induction processes, as well as
professional development programs

7. In 2021, the company launched a Global Policy, available on the Group Corporate website43, against all forms
of workplace harassment, including sexual harassment, defamation, bullying and intimidation, including from
third parties who interact with our employees. The document outlines two procedures, one formal and the other
informal, for reporting cases of harassment and requesting official action by the Compliance team. This year, the
training accompanying this policy was translated into 7 more languages and made mandatory on an annual basis.
Through the DE&I Local Partner Network, this training will also be disseminated to Group factories and delivered in
person where needed.
8. In 2023, Prysmian launched its first global Employee Resource Group (ERG), which is dedicated to STEM Women.
ERG is open to all employees and has the mission of identifying and suggesting recommendations/changes to
create more inclusive factory environments, support women currently in STEM roles, increase their retention,
leverage the Group’s partnerships with the relevant associations and serve as a point of reference for available local
services and support programs.
9. On disability, Prysmian began work in 2023 to better understand the accessibility of its offices and factories, with
the goal of launching a global Employee Resource Group (ERG) dedicated to disability in 2024. ERG aims to learn
more about the Group’s demographics, raise awareness, create a sustainable plan and educate and engage the
population on this issue.
With reference to the Group’s total workforce, 2.08% of employees (more than 600 people) reported being a person
with disabilities.
In addition, with reference to gender targets, the table below shows the 2023 results of the main targets relating to the
Group’s Social Ambition:
Gender balance
Group actual Target Group actual

2023 2023 2022
Percentage of women in the Total Workforce 20.5% 20%-22% 19.2%
Percentage of White Collar women hired(*) 46.0% 46%-49% 44.9%
Percentage of women in Junior Management positions 28.7% 28%-30% 26.9%
Percentage of women in Middle Management positions 25.1% 25%-28% 24.4%
Percentage of women in all Executive positions 18.8% 19%-21% 15.7%
Percentage of women in Top Management positions 12.5% 12%-14% 7.1%
Percentage of women in all Management positions 25.8% 25%-28% 24.3%
Percentage of women in all Management positions in Revenue-generating 18.9% 19%-21% 17.4%
Percentage of women in STEM positions(**) 21.9% 21%-23% 19.7%
(*) White Collar women hired with permanent contracts including contract changes from temporary and agency contracts to permanent contracts.
(**) Percentage calculated on the White Collar population only.
Respect for Human Rights

Prysmian takes many concrete steps to ensure respect for and protection of the human rights of all those involved in
its business activities and value chain. A full audit plan has been implemented, with remote and on-site checks at the
industrial plants, to identify any potential discrepancies with internationally recognized human rights principles.
Human rights due diligence
With reference to the 2023 material topic: “Equity, diversity, inclusion and respect for human rights”, below are the risks
identified by the Group and the related mitigation actions pursuant to Italian Legislative Decree 254/2016:

Risk identified
Risks related to the social sustainability of the organizational structure and business model
Description of risk
Prysmian faces daily complexities arising from the management of organizational and business activities carried
out by persons with different social and cultural backgrounds. Despite constant commitment, careful supervision
and periodic awareness building, with the provision of specific information and training sessions, it is never possible
to exclude episodic improper conduct in violation of policies, procedures and the Code of Ethics and, therefore, of
current regulations concerning human rights by those who carry out activities on behalf of Prysmian, with consequent
possible penalties, significant reputational damage and business impacts.

As an international business operating in many countries and communities, Prysmian is passionately committed to
respecting and safeguarding the human rights of all employees and all those affected by our activities. The objective
is to ensure that Prysmian is not involved in any way, either directly or indirectly, in activities that violate human rights.
With this in mind, the Group Human Rights Policy was introduced in 2017. This policy, available on the corporate website
of the Group44, is based on various international standards (such as the Universal Declaration of Human Rights, the
Declaration on Fundamental Principles and Rights at Work of the International Labor Organization (ILO), the United
Nations Global Compact etc.) and applied at all locations and in all Prysmian activities.
In addition, a Human Rights Due Diligence process, available on the Corporate website45, has been in operation since
2018, enabling Prysmian to map the potential impacts that Group operations may have on respect for human rights.
1. Assess
Assessment of the current and potential impact on Human Rights, considering the risk of violations at
country and factory level, identified using desk analysis and self-assessment tools.
2. Act
Assessment of the results and performance of audits at high-risk plants; definition of actions necessary to
prevent and/or mitigate the potential impact identified.
3. Monitor
Monitoring of performance via checks and audits over a period of years.
4. Resolve
Resolution of violations.
5. Communicate
Communication of performance in the Sustainability Report.
Applying this Due Diligence process, the assessment of all production locations that commenced in 2022 was
completed during 202346.
Following this assessment, 9 plants found to be at high risk of violating human rights were audited to check if there
was any substance to this analysis.
Prysmian also requires suppliers to show rigorous respect for human rights, applying a specific Due Diligence process
that assesses the risk at supply chain level. This is described in more detail in the “Sustainable value chain” section of
this document.
44 https://www.prysmian.com/en/company/ethics-integrity/human-rights/human-rights-in-prysmian-group
45 https://www.prysmian.com/sites/default/files/atoms/files/20200724_PRY_HumanRightsPPT_final.pdf
46 This analysis, based on the Group reporting scope in 2021, excluded the Chiplun (India) plant.

Furthermore, 11,16847 hours of training were provided in 2023 on the topics of Ethics and Human Rights, with a view to
raising and disseminating awareness about them within Prysmian.
More information about Prysmian’s human rights due diligence process can be found in the Human Rights section of
the corporate website48.
Health and safety in the workplace

Safety is central to all Prysmian activities.
As part of the company’s value system and commitment, Safety is the main guideline of an efficient organization that
aims to build a culture of prevention that generates positive impacts across all of its key elements: Human Capital,
Production, Property, Quality, relations with Customers and Suppliers.
The commitment to ensuring the occupational health and safety of all of employees, interns, contractors and
anyone working within the organization is embodied in the Zero & Beyond philosophy.
Zero & Beyond is a commitment to making the lives of people safer and ensuring safety in every single
moment of daily life, from the workplace to the community. Z&B is an approach based on the belief that
human life and health are indispensable values that take priority over everything else. This is why the Group
firmly believes that every injury or accident can be prevented and that promoting the idea of safety and
constantly improving it is everyone’s responsibility.
This shared vision of Safety Culture is supported by numerous initiatives at local level and is broken down into various
strategies to consolidate and promote the proper attitudes and conduct in order to always ensure greater safety in the
workplaces.
All information about Zero & Beyond is available on the Group website49 and sponsored by the Top Management. All
Group personnel, whether Desk Workers or Non-Desk Workers, at Regional and plant level, have been involved to
ensure their awareness of the strategy adopted and are encouraged to participate as its promoters. The strategy has
been and continues to be disseminated in practice, via workshops, and at the visual communication level, via banners,
logos and the use of “Zero & Beyond” clothing.
In addition, the Prysmian HSEE Policy was updated in 2023, approved by CEO Valerio Battista and published on the
Corporate website50. This policy contains all the principles that Group companies pledge to respect, including:
• The management of activities and processes using health, safety, environment and energy (HSEE) management
systems compliant with international standards, with a commitment to make continuous improvements;
• The identification of hazards associated with their activities, the assessment of potential health risks and their
elimination and/or minimization via appropriate prevention measures, not only via the adoption of collective and
individual protection systems, but also by encouraging a culture of safety that influences behaviors;
• The demonstration of leadership capable of involving all levels with the organization and all those who work for the
Group, ensuring that operational procedures and responsibilities are defined precisely, communicated appropriately
and covered by specific training;
• The communication of HSEE information to all internal and external stakeholders, in accordance with specific
procedures and programs.
As a further guarantee and commitment to the management of occupational health and safety matters, all Group
plants will be ISO 45001-certified by 2026.
Prysmian applies established procedures for the management of injuries, which are the tip of the iceberg in the
reactive safety management system. Injuries can have negative impacts in human, financial and technical terms, as
well as on the reputation of the organization itself. The next section describes the procedure adopted for the in-depth
analysis of events, so that their root causes can be identified and eradicated in order to prevent their recurrence.
Occupational health and safety management system
The following sections describe the health and safety risks identified and the associated mitigation actions pursuant
to Italian Legislative Decree 254/2016 with reference to the 2023 material topic: Well-being, engagement and
improvement of human capital skills.
47 Training hours refers to all the courses held at Prysmian and classified as “Ethics & human rights” in 2023.
48 https://www.prysmian.com/en/company/ethics-integrity/human-rights/human-rights-in-prysmian-group
49 https://www.prysmian.com/en/sustainability/health-and-safety
50 https://www.prysmian.com/sites/default/files/atoms/files/HEALTH-SAFETY-ENVIRONMENT-AND-ENERGY-HSEE-_23-06-2023-VB.pdf

Risk identified
Health and safety risks
Description of risk
The main health and safety risks to which Group personnel and contractors are exposed are linked to the work carried
out by them at production locations, on vessels and at construction sites.

The Group has always been committed to protecting the integrity, health and welfare of workers in their workplaces.
With particular reference to health and safety risks, the Group has adopted a centralized management system based
on the identification and evaluation of factors deemed critical at various levels: Group, country and business unit. This
approach provides a complete picture of the risks associated with individual production activities, in order to manage,
monitor and minimize the health and safety risks.
In order to apply the health and safety standards defined at Group level, Prysmian uses tools and operating procedures
for collecting, evaluating, aggregating and reporting data at central level, as well as the implementation and verification
of corrective and preventive actions and the monitoring of significant events (injuries, near misses, non-conformities
and reporting). Other mitigation actions aim to train staff not only for the transfer of technical knowledge, but also to
impart an understanding of the approach taken and the risks incurred as a result of non-compliance with H&S rules
and procedures.
To increase and strengthen the safety culture at Prysmian’s factories, in 2023 the Group promoted a multi-year audit
program (“Safety Assessment Program”) conducted by a third party, with the aim of measuring the maturity of the
safety culture at Prysmian’s sites through a customized protocol to assess safety performance across 4 main streams
(Governance, Employee Engagement, Risk Assessment and Frequency Index). Through the Safety Assessment
Program, Prysmian aims to raise awareness of key plant risks and issues at every organizational level and, through
specific improvement plans, to cultivate a continuous improvement mindset by identifying strengths and weaknesses
for each site while also aiming to reduce injuries.
Prysmian has therefore redefined new quantitative targets within its Impact Sustainability Scorecard while taking into
account the result of the Safety Assessment Program (plant Maturity Level and reduction of frequency and severity
indices monitored at group level).
Risk identified
Risks related to changes in the legislative environment governing Health, Safety and the Environment.
Risk identified
The Group’s production activities are subject to national and international laws and regulations governing Health,
Safety and the Environment. Future legislative and/or regulatory changes, more or less foreseeable, might affect the
operations of the Group, its ability to compete in the marketplace and its financial results, unless those changes are
identified, anticipated and managed on a timely basis. In particular, the Group has analyzed the potential regulatory
risk relating to energy efficiency, including the introduction of more stringent reporting requirements and possible
changes in local legislation that transposes the “Energy Efficiency Directive” 2012/27/EU (EED), as amended, on energy
end-use efficiency.

Via the HSE Management System, centralized and coordinated by the Corporate HSE team, the Group monitors
constantly any changes and/or developments in the HSE requirements, including:
• changes in HSE legislation at local and Group level and related periodic reporting to the top management, in order
to discuss any actions needed to comply with the regulations;
• implementation of initiatives and projects designed to mitigate risks and promote continuous improvement.
To ensure a systematic and concrete approach to safety, the Group adopts the ISO 45001:2018 “Occupational health
and safety management system” for 75% of corporate assets. In particular, the adoption of ISO 45001 certification
enables the organization to:
• establish systematic processes that take account of the business context by evaluating risks and opportunities;
• determine the risks associated with its activities, in an attempt to eliminate them or introduce ad-hoc controls to
minimize their severity;
• establish operational controls;
• increase awareness of the matter by all interested parties at every level within the organization;
• ensure that workers play an active role in health and safety matters.

The Group has issued a procedure that defines the methodology for identifying, assessing and documenting all
workplace health and safety risks, in order to eliminate or reduce them, keep any residual risks under control and
comply with legal requirements.
The corporate risk assessment procedure is endorsed and adapted at local level, in compliance with current laws.
Accordingly, all systematic risk management activities are carried out at plant level, including the reporting of hazards,
near misses and unsafe conditions identified by operators; all of these activities follow established local management
and reporting procedures.
Corporate has issued a specific group procedure on the management of workplace incidents. This procedure, endorsed
and applied at local level, requires all incidents – with or without lost days – to be reported and analyzed by specified
deadlines using Group software. The objective is to share information about the most significant incidents and raise
cross-functional awareness at all factories.
As far as training is concerned, in order to ensure compliance with current regulations, the HR functions, at country
level, with support from the safety managers, prepare training plans for their personnel and develop specific training
courses for the various categories of worker, depending on their roles, duties, levels of responsibility and working
environment. At corporate level, the HSE team provides training on group procedures to be applied locally and specific
training to enhance the skills of Group resources through the HSE Academy.
In order to monitor the employee safety KPIs, monthly reviews are carried out at both plant and regional level to
identify possible improvements and structured action plans, as well as strengths and best practices to share with
other facilities.
All occupational health and safety projects presented to the Investment Committee were approved. These projects
focused on the following areas: forklifts, asbestos, fire detection systems, system for managing the treatment of water
and waste. Again in 2023 all plants continued to improve traffic management and adapt the fleet of forklifts to the best
safety standards defined in Group guidelines.
Through a statistical analysis of accidents with days lost that occurred throughout the Group scope, the main types
of accidents were identified for which corrective actions will be implemented at the Regional and Group levels:
• slips and trips, mainly due to deficiencies in housekeeping

• interactions with machinery and handling of reels
The following table analyses Group personnel by type of worker included within the reporting scope. The Frequency
Rate has fallen by 4% with respect to 2022, while the Severity Rate has increased by 10% due to the ongoing effects of
injuries suffered in 2022. The most common problems relate to the musculo-skeletal system.
Temporary Agency
Prysmian 2023 Group (total) Prysmian employees Contractors(**)
Workers(*)
Severity rate (IG)(1) 58.58 59.18 50.77 32.74
Frequency rate (IF)(2) 1.34 1.28 2.05 1.10
Hours worked 60,184,536 55,898,961 4,285,576 9,425,531
(1) Severity rate: ratio of days lost due to injury to the number of hours worked, multiplied by a factor of 200,000.
(2) Frequency rate: ratio of injuries with loss of working days in excess of 24 hours to the number of hours worked, multiplied by factor of 200,000. The calculation of injuries
only considers those suffered in the workplace and not during travel between home and work, unless transportation was organized by the company.
(*) Temporary agency workers: workers employed by staffing agencies.
(**) Contractors: This disclosure requires the organization to report the number of workers who are not employees and whose work is controlled by the organization. Control
of work implies that the organization directs the work performed or has control over the means or manner in which the work is performed.

Prysmian Temporary
Prysmian 2023 Contractors
employees Agency Workers
Number of fatalities - - -
Fatality rate(1) - - -
No. of reportable injuries 359 44 52
of which with serious consequences(2) 11 - 1
Severity rate (IG) 59.18 50.77 32.74
Frequency rate (IF) 1.28 2.05 1.10
Frequency rate for injuries with serious consequences (IF) 0.04 - 0.02
Hours worked 55,898,961 4,285,576 9,425,531
No. of occupational diseases(3) 28 - -
Occupational disease rate(4) 0.50 - -
(1) Death rate: ratio of the number of fatalities to hours worked, multiplied by a factor of 200,000.
(2) Frequency Rate for injuries with serious consequences: ratio of injuries with loss of working days in excess of 180 days to hours worked, multiplied by a factor of
200,000. Injuries with serious consequences are defined as those lasting more than 180 days.
(3) Occupational diseases: illnesses contracted in the course of and as a result of the hazardous work to which the worker is assigned (e.g. deafness from noise, tumors
caused by paints, dyes or carcinogenic substances etc.). The risk may be caused by the work that the worker does, or by the environment in which the work is performed.
(4) Rate of occupational diseases: ratio of the number of occupational diseases reported and recognized during the year to the number of hours worked, multiplied
by a factor of 1,000,000.
Prysmian Temporary
Prysmian 2022 Contractors
employees Agency Workers
Number of fatalities - - -
Fatality rate - - -
No. of reportable injuries 360 52 45
of which with serious consequences 8 - -
Frequency rate (IF) 54.20 44.12 31.56
Frequency rate for injuries with serious consequences (IF) 1.32 2.39 1.02
Hours worked 0.03 - -
No. of occupational diseases 54,582,051 4,351,680 8,814,534
Occupational disease rate 35 - -
Tasso di malattie professionali 0.64 - -

Prysmian 2021 Prysmian employees Temporary agency workers
Number of fatalities 1 1
Fatality rate 0.004 0.050
No. of reportable injuries 394 49
of which with serious consequences 11 1
Severity rate (IG) 46.98 49.92
Frequency rate (IF) 1.49 2.44
Frequency rate for injuries with serious consequences (IF) 0.04 0.05
Hours worked 52,997,509 4,018,110
No. of occupational diseases 58 -
Occupational disease rate 1.02 -
One of the two fatalities in 2021 was a contractor and not a temporary agency worker.
In relation to contractors, these include employees of subcontracting companies that the Group uses to build turnkey
transmission systems. In this regard, Prysmian is committed to ensuring that the highest standards are met during
project implementation activities, whether carried out directly or contracted out to specialized companies, both
onshore and offshore.
In this respect, Prysmian demands the same commitment from its contractors to ensuring the health and safety of
their employees.
Prysmian monitors the HSE Performance and Key Performance Indicators of all Projects in which it is the main
contractor and those in which it participates as a member of a consortium and is responsible for health and safety
management.
The following table shows the occupational diseases reported and recognized in 2023.
Actions taken to eliminate the hazard

Hazards Associated risk
and minimize the risks
Acoustic analysis; training in the use of

PPE; update of the list of identified Risk
Noise Hearing system damage Agents; dosimetric measurement of noise
to determine the level of exposure to the
risk
Physical exertion; high level of repetition

Ergonomic analysis of the factory to
Hazard for the musculoskeletal system and frequency of a movement affecting
minimize physical exertion and repetitive
(ergonomics) one part of the body; ergonomic risk;
movements
manual handling of loads; vibration risk

Prysmian knows that a sustainable value chain is critical to being competitive and resilient. Therefore, all of our
production processes take place with sustainability in mind. We anticipate our customers’ needs and requirements
by strengthening the connection with suppliers and focusing on creating value for them and all of our stakeholders.
The integration between our economic and social mission is at the heart of our management model. We work for a
sustainable future every day, constantly seeking out a balance between shared value with the consumer, society and
the Planet. Our technological and industrial leadership amplifies our positive impact on the community. Because only
by truly feeling part of the community can concrete work plans be implemented for ethical business and sustainable
business growth.
• 500 suppliers subjected to ESG audit

• about Euro 2,000,000 contributed to local communities in 2023 in terms of contributions in cash,
products and working hours of employees.
• more than Euro 600,000 donated to local communities in Turkey and Syria following the earthquake
• Euro 128,000,000 in R&D capital expenditure in 2023
• more than 50 collaborations with research centers and universities
Upstream
Fornitura
Supply of Supply of
di materie Inbound
Raw Non-Raw
prime (Raw logistics
Materials Materials
Material
Production
Fornitura
Product
di materie Outbound
use and Installation
prime (Raw logistics
end of life
Material
Downstream Direct

Prysmian’s supply chain
Prysmian’s supply chain plays a decisive role in the business and the sustainability strategy of the Group. On the
one hand, it endeavors to keep plant capacity saturated and eliminate production bottlenecks while, on the other,
it guarantees a competitive advantage thanks to the careful selection of suppliers in ESG terms and constant
engagement with them, by forging long-term partnerships.
Decree no. 254/2016 with reference to the 2023 material topic: Sustainable value chain
Risk identified
Risks related to the sustainability of the Group supply chain
Description of risk
The Group’s business model, with a global presence in over 50 countries and a high diversification of product
applications, is based on a complex supply chain that requires a continuous interface with numerous suppliers of
different sizes and cultural backgrounds. Without prior investigation and control, the management of a complex supply
chain might result in the Group procuring goods and services from suppliers that do not comply with its guidelines
and policies, with the risk of supporting suppliers that do not operate in line with international standards. In addition,
the Group believes it has a responsibility that goes beyond its organizational boundaries and, therefore, by managing
the sustainability of its supply chain (upstream or downstream activities and customers), it is also able to limit any
reputational risks that may arise.

In addition to its commitment to the evaluation of counterparties, the Group has adopted guidelines and policies with
which suppliers are required to comply (for example, the Code of Ethics and the Code of Business Conduct). There
will be an immediate reaction should it emerge that third parties involved in the supply chain have implemented
actions not conforming to the principles of environmental and social sustainability, which would expose the Group to
potentially significant image and reputational risks. If the issues flagged are not promptly resolved and eliminated, the
Group reserves the right to activate a procedure for the termination of existing business activities and temporary, or,
in serious cases, definitive exclusion from the Group’s supplier list. The assessment of risks related to the sustainability
of third parties is a fundamental step in the entire supply chain management process that defines clear rules for i) the
introduction of new suppliers, ii) the periodic evaluation of the supply chain, iii) the monitoring and improvement of the
supply chain management strategy. In this regard, with a view to enhancing its social and environmental strategies
in the supply chain area, the Group has defined a Supply Chain Strategy and related actions that supplement the ESG
factors throughout the value chain.
Sustainability of suppliers
The sustainability of suppliers must be assured from both a social and an environmental standpoint. Prysmian is
committed to having a supply chain that respects all aspects of workers’ rights, in line with the high standards applied
by the Group to all direct counterparties.
From an environmental standpoint, supplier selection is key to reducing the Scope 3 emissions of the Group, so that
the entire supply chain can achieve carbon neutrality by 2050. In addition, Prysmian seeks to support those suppliers
that use recycled materials in their production processes. This applies both to metals, especially copper, and to plastics,
such as polyethylene. Notably, transportation and logistics also have a non-negligible impact on the Group’s emissions.
Accordingly, Prysmian is focused on continuously monitoring and optimizing its logistical flows, in order to ensure the
sustainability of the business in economic and environmental terms, given the considerable weight and volume of the
products handled. In this context, constant efforts are made to reduce CO2 emissions by improving the efficiency of
the distribution networks and fleets of the various logistics partners.
For its supply chain, Prysmian aims for excellence in terms of service level, striving to ensure product availability based
on customer needs. This depends not only on business approaches, but also on the responsibility associated with the
Group’s leading role in the international context, absorbing about 2-3% of the world’s copper production, and in the
electrical and electronics sector, where the share rises to about 7% of copper used.
The policy adopted by Prysmian authorizes the use of raw materials only if they have received technical approval
and have been sourced from qualified suppliers. Consistent with the procedures adopted by the Group, the
Purchasing area – in collaboration with the Quality and R&D functions – carries out product/process audits at
suppliers to assess their ability to manufacture the materials concerned and guarantee the required technical
performance, in addition to expected quality.

Prysmian Suppliers
Being a global leader in manufacturing and having to directly source metals and raw materials entails a number of
challenges, including the need to continuously monitor the entire procurement base, ensuring that all of Prysmian’s
business partners apply ethical conduct in their business processes.
Prysmian can count on a broad and diversified procurement base, with mutually advantageous business relationships.
Most of the Group’s suppliers are established leaders in their markets, applying best practices for the management
of ESG factors. At the same time, the Group also works with smaller players which can benefit from working with a
customer like Prysmian, willing to support their business continuity and make recommendations on how to improve
their sustainability management.
Base metal
The Base Metal category includes three raw materials: aluminum, copper and lead; the first two account for the
majority of raw materials purchased by the Group. The essential element of the cable conductor manufacturing
process is copper and aluminum wire rod. These metals are purchased from the world’s major mining companies,
while Prysmian manufactures only modest amounts of wire rod itself (less than 10% for copper and about 25% for
aluminum compared to total requirements). Given the highly fragmented copper market, Prysmian represents one
of the major economic players in the industry. The Group’s metal procurement strategy takes into consideration three
aspects:
• the importance of suppliers within the Group’s value chain

• the high consumption of metals
• the widespread geographical distribution of Prysmian’s production sites
With specific reference to aluminum sourcing, the choice is increasingly leaning toward vertically integrated suppliers
(with processes that produce aluminum wire rod from alumina directly) versus non-integrated producers (producers
who purchase aluminum ingots for wire rod production).
This strategy, in addition to having several advantages in terms of both supply security and costs, is also much
more environmentally sustainable, thanks to the simplification of logistics flows and the elimination of the ingot
remelting cycle. In view of the high power consumption required by the metalworking processes, Prysmian has
also adopted ecological footprint as a criterion for supplier selection, allocating significant portions of its portfolio
to aluminum manufacturers with a reduced environmental impact. Collaborating with leading companies in the
copper and aluminum sectors, which are equally concerned with environmental sustainability, thus allows for the
creation of a highly sustainable end-to-end cycle. In addition, Prysmian has been working to make trade more
sustainable through increased digitalization and, in the future, it aims to adopt an increasing number of initiatives in
collaboration with suppliers.
Raw materials
While Base Metal is mainly used for energy cable conductors, all other raw materials prove useful for a wider range of
products and applications:
• Cable raw materials (used for insulation and conductor protection), such as polyethylene and PVC-based
compounds, rubbers, special plastics, yarns, tapes and galvanized steel cables
• Raw materials for optical fibers such as coatings, glass tubes, high-purity quartz sand and silicon-based donor
products
• Components for energy and telecommunications accessories such as connectors, composite insulators for metal
parts, enclosures and junction boxes
• Raw materials and components for elevators and escalators
• Materials and components for optical and electronic sensing solutions
With a broad range and small volume of raw materials purchased, Prysmian is not a significant partner for most of
the suppliers of the raw materials listed above. Typically, Prysmian uses either goods that are widely available from
multiple sources or high-performance raw materials that are produced only by a small number of suppliers, often
highly specialized multinational companies characterized by strong technological know-how and high specialization
in the cable and conductor market.
Prysmian regularly assesses potential financial and operational risks, which may derive from circumstances such as
single-source sourcing or supply-demand imbalance. These risks are managed by entering into long-term supply
agreements when there is only one supplier or when its replacement would entail considerable difficulty and take a
long time. In the event of risks linked to limitations in market supply, Prysmian works with the technical functions to
identify alternative suppliers in order to diversify supply options.

Non-raw material
The Non-Raw Material category incorporates all the services and goods which are not directly connected to the end
products. Excluding installation services, this category specifically includes: transportation, packaging, MRO (main-
tenance, repair, and operations services) and utilities, which account for more than 50% of total expenditure for the
category. Services that fall under these four definitions are handled in very different ways, depending on the level of
centralization required:
• Transportation: for these services, there is strong support from headquarters in managing global or domestic
agreements with international suppliers that provide specific expertise in logistics aspects and management
of billing process. Relationships with these suppliers are established through long-term partnerships with the
following objectives: highest quality and efficiency in logistics flows, high level of service and on-time delivery, cost
management and price stability to avoid “spot” market fluctuations. Increasing attention is also paid to the ability
of transportation and logistics suppliers to measure and report CO2 emissions generated “on behalf” of Prysmian.
• Packaging, in turn broken down into:

– Reels: they represent the most common packaging method for transporting cables to their final destination,
which is generally defined on the basis of national contracts coordinated by headquarters. Prysmian mainly
purchases wood and steel reels, with a smaller share of plastic and plywood reels. Steel reels are returnable
and, after being repaired, are reintroduced into the cycle, while wooden reels are not always reused.
As a result, one of the Group’s most important goals is to increase the amount of reused wooden reels.
Initiatives are also underway to replace some of those purchased already assembled with reel kits, with the
aim of reducing the space needed to transport them and, consequently, the carbon footprint of transport
operations. Regarding plastic reels, the Group is considering the use of alternative materials and is trying
to increase the use of recycled plastic materials instead of virgin plastic. In 2021, Prysmian entered into a
partnership with a selected supplier of plastic reels with the aim of using its own plastic waste to close the
cycle.
Starting in 2023, the company launched a program to promote the responsible use of wood used for reels and
packaging as much as possible by mapping suppliers with certifications that support the responsible use of
the material (PFEC, FSC, Canadian Wood Pallet certification program, Timber Trade Federation). 60% of the
group’s expenditure on wood products comes from suppliers holding such certifications. The ultimate goal is
to increase this share.
– Other packaging materials: pallets, wooden planks, endcaps and foam materials used to cover the reel
once it is loaded. This part of expenditure is managed at the local level, with the aim of reducing costs as
much as possible and promoting the adoption of more environmentally sustainable solutions.
• MRO (Maintenance, Repair and Operations): this category includes a wide range of materials and services, mainly
spare parts (mechanical and electrical) and PPE. These services are mostly handled nationally, while in some cases
facilities may refer to local workshops that offer better service at more competitive prices than the major players.
The objective is to maintain PPE management at national level so that strict controls are in place to ensure that all
safety requirements are met. Spare parts management is also largely centralized, while local agreements may be
made for repairs to ensure more efficient management.
• Utilities: amongst these supplies, the largest share is related to electricity (85%). Each year, the Group analyzes
utility expenditure in detail, evaluating the possibility of using more environmentally friendly energy sources (e.g.,
investment in solar panels and farms at selected factories), increasing plant efficiency to reduce energy consumption
(e.g., LED lighting initiatives) and investing in the purchase of GO (Guarantees of Origin) certifications.
The table below shows the expenditure for each of the macro-categories presented above:
2023 2022 2021
Base metal 55% 56% 59%
Non-raw materials 19% 23% 19%
Raw materials 26% 21% 22%
The highest expenditure is in the Base metal category and can be attributed to the specific nature of the Group’s
production.

The next table shows the amount of materials used broken down by weight:
Materials used by weight or volume [kton]
2023 2022 2021
Metals 1,161 1,219 1,189
Compounds (*) 348 365 374
Ingredients 274 288 299
Chemicals 6 6 6
Other (yarns, tapes and oils) 27 26 25
Total 1,816 1,904 1,893
(*) Compounds: in the processing of rubber, mixtures of polymers and ingredients (talc, kaolin, carbon, etc.) having various functions (e.g. strengtheners, accelerants, colorants).
The percentage of renewable materials used is equal to 1%. Depending on the raw materials sourced, Prysmian
identifies two main risks, namely their carbon footprint and their origin. With regard to environmental impacts, the
Group has established the following long-term partnerships:
• a long-term collaboration with the Carbon Disclosure Project (CDP) to tackle climate risk and find new alternatives
with a lower environmental impact in relation to the materials it uses. The CDP helps Prysmian to collect and
analyze Scope 1 and Scope 2 emission data from suppliers, following which feedback is sent and new targets are set
for the continuous reduction of adverse environmental effects. In 2023, the Group concentrated on improving the
response rate from the suppliers involved (which represent about 50% of total expenditure by the Group);
• partnership with the Carbon Trust: the Carbon Trust has helped the Group set its Science-Based Targets. See the
“Climate Change & Social Ambition” section of this document for further information.
With regard to the social impacts deriving from the origin of its materials, Prysmian adopts measures to monitor and
prevent potential infringements of human rights:
• Prysmian implements a “Conflict Minerals Policy”, with the aim of guaranteeing a conflict-free supply chain that
does not contribute to fueling armed clashes in conflict zones and high-risk areas; this is objective is pursued
through the following activities:
– identification of purchased materials and/or semi-finished products containing 3TG (tin, tungsten, tantalum and
gold);
– requesting all new and regular suppliers of products containing the above materials to complete the latest
version of the Conflict Minerals Reporting Template (CMRT), developed by the Responsible Minerals Initiative
(RMI) (using international formats and standards);
– analysis of the information received for red flags and inconsistencies and implementation of appropriate
corrective actions.
The policy, drawn up in 2017 and approved by the Group CEO, is publicly available on the Group website.
• In order to manufacture certain safety cables and make them fire-resistant, Prysmian contacts producers and
distributors to purchase limited quantities of certain types of glass-based tape containing low percentages of mica.
This mineral is not used directly in the Group’s products and production processes.
Mica is mined in geographical areas where several factors contribute to unsustainable working conditions and the
use of child labor. Since 2016, Prysmian has been involving suppliers of mica-containing products in activities to
raise awareness of working conditions.
The Group gives special attention to the analysis of risks present in the supply chain and makes responsible efforts to
work with suppliers that share the objectives defined in its Human Rights Policy, requiring appropriate disclosures
regarding mica sources and to certify the absence of child labor. Prysmian is also committed to reducing as much
as possible the amounts of mica in its products. The volumes of mica purchased are now in the range of 0.05% of
total raw material requirements for the GroupPrysmian has been addressing this issue since 2016 by requiring all
suppliers to provide appropriate information about their mica sources and certify the absence of child labor. In 2021,
Prysmian became the first business in the cable industry to join the Responsible Mica Initiative (RMI). Membership
of the RMI enables Prysmian to exercise even more effective control over its supply chain.

In addition to the Code of Ethics and the Human Rights Policy already described in “Ethics and Integrity” section and
the Conflict Minerals Policy presented above, Prysmian applies the following policies to manage business relationships
with its supplier base:
• Supply chain strategy and vendor management

The increasing development of supply chain sustainability activities has made it necessary to develop a specific
strategy. The “Supply Chain Strategy and Vendor Management” document summarizes the main characteristics
of Prysmian’s supply chain strategy and the actions taken to integrate ESG factors into its management. The
document has been available on the corporate website since 2021. 51
Introduction Assessment
Continuous
of new of the supply
improvement
suppliers base
Policies Assessment • Sustainability Scorecard

• Code of Ethics • Supplier Desk Analysis • Sustainability training
• Code of business conduct • Supplier Risk Analysis • ESG factors
• Conflict Minerals Policy • Sustainability audit as recognition drivers
• Human Rights Policy • Responsible Mica
Initiative activities
Questionnaires
• Supplier qualification Monitoring of performance
questionnaire • Purchases dashboard
(Raw materials and • Supplier ratings (ODT)
Base metals) • Supplier management
• Conflict Minerals (Energy projects)
Reporting
• Template (Base metals)
Technical evaluation
• Code of business conduct
With a view to ensuring compliance with ethical, economic, environmental and social standards throughout the value
chain, Prysmian has adopted a Code of business conduct that promotes a responsible and sustainable supply chain.
This document, prepared by the Supply Chain function and approved by the Group CEO, is available on the corporate
website52.
The principles set out in the Code apply to the business transactions and daily activities of the employees of all Group
entities and their suppliers, business partners, commercial agents, sub-contractors and distributors.
Il documento tratta i seguenti temi:

– business integrity (fair trade, conflicts of interest, gifts and offers of entertainment, corruption, corporate
responsibility);
– human rights and workers’ rights (child and forced labor, occupational health and safety, non-discrimination,
freedom of association and collective bargaining);
– environment (principle of precaution, use of raw materials and compliance, energy consumption, greenhouse
gases and other emissions, water consumption, waste generation and recycling).
Prysmian’s application of the related guidelines is impressed on suppliers at the preliminary stages of collaboration.
Finally, with regard to the economic impacts resulting from its procurement practices, in order to report on the
company’s commitment to fostering the growth of all geographical areas in which it operates, Prysmian also monitors
and reports the percentage of expenditure on goods and services devoted to local suppliers:
51 https://www.prysmian.com/en/sustainability/responsible-business/supply-chain
52 https://www.prysmian.com/sites/default/files/atoms/files/Prysmian_Code%20of%20Business%20Conduct_Final_070519.pdf

2023 2022 2021
EMEA 70.8 69.0 60.1
APAC 86.7 84.0 76.3
North America 94.0 100.0 99.3
LATAM 95.7 95.0 80.2
The Group considers suppliers to be “local” when they are based in the same country as Prysmian companies.
Supplier analysis and management
As envisaged by the Supply Chain Strategy, Prysmian carries out the following assessment activities to analyze further
and monitor the related risks:
1. Supplier Desk Analysis:

the main purpose of developing the Supplier Desk Analysis is to assess the sustainability of major suppliers. The analysis
considers social, economic and environmental (ESG) criteria and is performed by a third-party partner of Prysmian on
relevant topics for the Group. Specifically, the Sustainability Partner analyzes the websites of each supplier plus any
other forms of public information, evaluating available data relating to three macro areas:
• sustainability and management systems;

• environmental criteria;
• human rights and workers’ rights.
In 2023, the assessment analysis of suppliers with potential social and environmental impacts involved 500 suppliers,
compared to 150 in 2020, covering 71% of the Group’s expenditure. The analysis identified specific environmental, social
and governance risks in the supply base.
2. Supplier risk analysis:

the supply chain risk analysis is based on the assessment and analysis of data obtained from the Desk Analysis
(therefore considering the same 500 suppliers described in point 1), and combines sustainability scores obtained with
a list of parameters deemed critical by Prysmian for risk assessment purposes. The combination of these elements
enables Prysmian to identify the clusters of risk and, among these, critical suppliers. The table below shows the critical
aspects rated by Prysmian:
Importance Scritical Weakness

Speed and impact expenditure Sole supplier
and geographical position
Base metals:
all
Raw materials:
suppliers that exceed
Euro 100 thousand
Non-raw materials:
selected suppliers in high-risk
areas or categories
3. Sustainability audits and potential impact management:

A sustainability audit program was implemented in 2017, with the goal of performing 30 ESG audits by the end of 2022.
This goal was achieved and the auditing program has been extended beyond 2022. These audits were performed with
support from an external consultant. Suppliers subject to audits are identified based on the score assigned to them
downstream of the Risk Analysis. The results of the audits performed are shared with them, with the aim of generating
positive change in those that are underperforming. If the results are satisfactory, the supplier is no longer considered
to be high risk. If the audit results are not satisfactory, a follow-up audit is carried out on the basis of an agreed action
plan. The Group’s major suppliers are regularly involved in specific activities, such as workshops and collaboration on

the development of more sustainable products, in order to generate a medium/long-term impact on the industry.
With regard to base metals, many Prysmian suppliers participate in the most important industry initiatives, such as
the Copper Mark and the Aluminum Stewardship Initiative (ASI).
Number and percentage of suppliers assessed for environmental impacts
2023
Number of suppliers %
Evaluated suppliers 500 -
Suppliers with a current or potential negative impact 97 19.4%
Suppliers with a current or potential negative impact for which

0 0.0%
an improvement plan has been adopted
Suppliers with a current or potential negative impact with whom

business relations have been suspended based as a result of the 0 0.0%
assessment
Suppliers with a current or potential negative impact for

0 0.0%
which an improvement plan has been adopted (percentage)
Suppliers with a current or potential negative impact with

which business relations have been suspended as a result 0 0.0%
of the assessment (percentage)
Number and percentage of suppliers assessed for social impacts
2023
Number of suppliers %
Evaluated suppliers 500 -
Suppliers with a current or potential negative impact 98 19.6%
Suppliers with a current or potential negative impact for which

0 0.0%
an improvement plan has been adopted
Suppliers with a current or potential negative impact with whom

business relations have been suspended based as a result of the 0 0.0%
assessment
Suppliers with a current or potential negative impact for

0 0.0%
which an improvement plan has been adopted (percentage)
Suppliers with a current or potential negative impact with

which business relations have been suspended as a result 0 0.0%
of the assessment (percentage)
% of expenditure
Current financial year 2023
Percentage of expenditure on suppliers assessed for environmental impacts 71.00%
Percentage of expenditure on suppliers with potential/current negative impact 1.00%
Percentage of expenditure on suppliers with potential/current negative impact for

0.00%
which improvements have been established
Percentage of expenditure on suppliers with potential/current negative impact with

0.00%
which relationships were suspended as a result of the assessment
In 2023, Prysmian adjusted its approach to sustainability audits and action plan development, prioritizing strategic
suppliers with the greatest influence on the end product and those that play vital roles in supporting the company’s
operations. Although the importance of ESG factors is recognized throughout the supply chain (smaller suppliers
included), a risk-based audit approach was adopted, which led Prysmian to focus on the resources with the most
significant potential impact. The 97 suppliers with possible negative environmental impacts and the 98 with a

potential negative social impact – mentioned in the tables above – are not considered strategic for the Group, as
they cumulatively represent only 1% of total procurement. However, conservatively, based on the results of the Desk
Analysis, it was still decided to conduct 6 sustainability audits in 2023, following the approach described above. The
following suppliers were audited in 2023: Rio Tinto Alcan, Plasínco, Arlanxeo, Indore, Scapa, Tervakoski. The results of
the 6 audits showed that the potential impacts that could be generated by these suppliers – both environmental and
social – were not significant.
As a consequence of above described sustainability audit for supplier was of 36.
Involvement of suppliers in Prysmian’s ESG matters
Prysmian involves its suppliers in various activities in order to build awareness about ESG matters. A number of
initiatives are presented below:
• the actions regarding ESG factors promoted by Prysmian are made available to all stakeholders on the corporate
website;
• since 2015, the annual “Purchasing Fundamentals” training course includes a broad, in-depth section on the
topic of sustainability in purchasing. Each year, 30 managers (with differing levels of seniority) from Prysmian
companies all over the world are invited to attend this training course;
• Prysmian began development of the Vendor Management portal in 2021. This modular, web-based application
will improve the efficiency of supplier relationship management and enable the Company to monitor their ESG
compliance. This platform, comprising 4 modules, seeks to harmonize and improve the business processes
involved. The project went live in 2022, starting with the headquarters and the pilot regions, and is now being
integrated worldwide; supplier screening in the onboarding phase is differentiated on the basis of the product/
service purchased and the relevance of the supplier to the Group (i.e., strategic vs tactical suppliers). The
onboarding questionnaire is designed to assess the alignment of the supplier practices/policies with those of
Prysmian;
• a member of the Purchasing Department sits on Prysmian’s Sustainability Steering Committee, given that
procurement is an area of interest for the sustainability of operations. Some members of the Purchasing Team
who manage and follow-up ESG activities are also directly involved in procurement activities, giving them
greater knowledge of the supplier base and a superior ability to manage initiatives with suppliers.
Logistics and transportation

For much of 2023, until the outbreak of conflict in the Middle East, there was a gradual easing of the tensions that had
strained global supply chains from 2020 onward.
Unlike the previous three years, there were no drastic discontinuities either in terms of demand or disruptions to the
supply chain.
Regarding the first aspect, the volatility of sales volumes brought a sharp focus back to inventory management, after a
two-year period in which the supply of raw materials to ensure business continuity had been the top priority.
With this in mind, the work of Operations, both in terms of planning and supplier management, has made it possible
to limit the negative effects of the lack of volume growth on net working capital, reducing the level of inventories
on finished products and beginning a path of optimization on raw materials and semi-finished products, which will
continue in 2024.
Also in the direction of rebalancing the Group’s industrial set-up according to long-term objectives and the
macroeconomic scenario, a number of refootprint projects were defined in 2023, in both Energy and Telecom. In
particular, the factory in Koepenick (railways signaling cables) was shut down, relocating the businesses in Germany to
Neustadt; in the Telecom segment, on the other hand, the decision was approved to close the French factory in Calais
(optical cables), maintaining volumes within national borders in Montereau and Chavanoz, and the British factory in
Washington (multimedia solutions).
As for the supply chain, there were no structural criticalities on key raw materials for the group in 2023. Some
supply difficulties specifically occurred due to changes in the sales mix, in both metals and compounds. For better
management and prevention of this type of critical issue, collaboration between the supply chain and purchasing at
HQ level, which had already been initiated at the most critical times in the previous two years, was strengthened.
Another element that has become less critical than in the immediate post-pandemic period is transportation costs,
particularly sea freight. Several intercontinental flows were established or strengthened in 2023, greatly increasing
factory saturation in low labor cost countries (Indonesia, Oman) and generating additional and profitable sales in the
United States and Europe, mainly of Medium-Voltage cables. In addition to these strategic corridors, lower costs and
better availability of containers has made it possible to activate some more tactical intercompany flows, such as the
supply for Europe of aluminum conductors from Oman and Brazil.

Expectations for 2024 are for a further consolidation of flows from Asia to Europe and the United States, with a
strengthening of China’s role in high-voltage cable production.
Transport routes
In line with previous years, overland transportation remains the vehicle type most used by the Group (86.7%).
Unlike in the previous two-year period, the use of air transport for transoceanic fiber flows declined in 2023.
However, this trend is not reflected in the expenditure-based mix allocation due to tariff effects: on one hand, the
unit expenditure for sea containers, which had greatly increased in 2022, has reduced; on the other hand, tariffs for air
transport remain high.
FY 2023 FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017
By air 3.2% 2.8% 3.0% 2.0% 3.0% 3.6% 3.5%
By sea 10.1% 12.8% 7.5% 8.3% 10.0% 6.9% 7.0%
By land 86.7% 84.3% 89.5% 89.7% 87.0% 89.5% 89.5%
Reels made of wood and other materials
Strongly committed to implementing sustainable business practices, Prysmian focuses on developing new products
and services to help significantly reduce CO² emissions and collaborates with its customers to achieve a shared
commitment to sustainability and improve circularity.
An important initiative has been launched in France: the extension of the Alesea™ system on the reel fleet and the
implementation of the eco-contribution from 1st June.
Indeed, many drums shipped to French customers were lost or returned after several years, significantly impacting
efforts made to reuse them.
To solve this problem, since the end of 2022, a large proportion of drums shipped by Prysmian to France have been
equipped with the Alesea™ drum geolocation device. The implementation of this solution has helped, and will help in
the years to come, to reduce the Group’s carbon footprint by ensuring that reels can be rented and returned efficiently.
This increased efficiency led to an improvement in country performance of about +4%.
Other projects have also succeeded in optimizing drum management while minimizing the carbon cost of our logistics.
Thanks also to these initiatives, Prysmian was able to counterbalance the negative effects generated by a lengthening
of reel turnaround times by some of our Key Accounts that have accumulated delays in cable installation. The path that
Prysmian has taken on this issue has allowed it to record performance on the whole growing, moving up from 46% in
2019 to 53% in 2023.
FY 2023 FY 2022
Drums
Tons % Tons %
Reused 139,210 53% 150,120 50%
Not reused 124,325 47% 152,617 50%
Total 263,535 100% 302,737 100%
FY 2023 FY 2022
Drums by type of material
Tons % Tons %
Wood 200,386 76% 221,445 73%
Different material 63,149 24% 81,291 27%
Total 263,535 100% 302,736 100%

Prysmian’s Customers. The Customer Excellence approach
Customers are central to all our corporate activities, from design to execution and the creation of new products.
Every year Prysmian uses special tools, including online surveys, and implements specific initiatives aimed at assessing
the level of customer satisfaction and, more generally, the entire customer experience.
Constant monitoring of satisfaction survey results is a key element for Prysmian for several reasons:
1. Continuous Improvement: Survey results provide a detailed picture of customers’ experiences, identifying areas of
strength and possible critical issues. This information is valuable to the continuous improvement process, enabling
Prysmian to make targeted updates to products, services and operational processes.
2. Alignment with Expectations: Monitoring customer satisfaction helps Prysmian ensure that its products and
services are in line with market expectations. This makes it possible to adapt readily to any changes in customer
preferences and the business environment, while maintaining competitive positioning.
3. Building Lasting Relationships: Customer satisfaction is critical to building lasting business relationships. Regular
monitoring enables Prysmian to understand the dynamics of customer relationships, identifying opportunities to
strengthen trust and loyalty through personalized service tailored to specific needs.
4. Customer-Oriented Innovation: The survey analysis guides Prysmian in the innovation of its products.
Understanding customers’ needs and expectations enables the Group to develop cutting-edge solutions while
ensuring that they are relevant and meet market demands.
5. Impact on Reputation: Corporate reputation is closely linked to customer satisfaction. Monitoring survey results
enables Prysmian to proactively manage its image, responding promptly to any critical issues and taking advantage
of positive elements to strengthen its position in the industry.
6. Global Market-oriented approach: Prysmian is a global company, and monitoring customer satisfaction allows
strategies to be adapted internationally. Understanding the different needs and preferences of customers in
different regions enables the targeted adaptation of operations, consolidating presence and competitiveness on a
global scale.
7. Timely Response: Constant monitoring of survey results enables Prysmian to respond promptly to customer needs
and concerns. A prompt response demonstrates the company’s commitment to ensuring maximum satisfaction
and building a long-term trusting relationship.
Target Scope Customer Response

28 countries Europe scope rate
North America Main customers 37%
Latin America mainly in the
OSEA distribution
United Kingdom channel
Turkey
The customers interviewed were presented with 6 main macro-categories of drivers (Commercial strategy, Innovative
products and solutions, Supply chain activities, Customer support, Marketing, Digitalization).
Respondents were asked to rate, with a score from 1 (lowest) to 5 (highest), the importance of each driver and their
level of satisfaction with Prysmian’s performance. The results of the survey conducted in 2023 are summarized below.
For Prysmian’s main customers in the distribution sector, the Supply Chain is a highly important factor, with a score of
4.5 in terms of importance, while the satisfaction regarding this element was rated 3.6, marking a slight improvement
from 2022 (3.5).
Prysmian will continue to pay special attention to supply chain management, recognizing it as a fundamentally
important item in implementing actions aimed at improving customer satisfaction.

Commercial Strategy and Customer Care Support, both scoring 4.4, are two just as important drivers for Prysmian’s
customers. Business strategy evaluation improved also in 2022 from a customer satisfaction level of 3.6 in 2022 to 3.9
in 2023. In addition, the satisfaction level for Customer Care Support remained constant at 4.
The improvement in Prysmian’s performance also affected the topic of Digitization, going from 3.6 to 3.7, while holding
steady in terms of importance (3.9). Customers were also asked to measure the NPS (Net Promoter Score), indicating
how likely they are to recommend Prysmian to a friend or a colleague.
The NPS (Net Promoter Score) – instrument used to measure customer satisfaction – has performed significantly
well in Northern Europe (+54%). The worst hit region is Oceania, while the UK improved with +25% (compared
to 0% in 2022). Turkey’s (+41%) and Southern Europe’s (+27%) performance has remained essentially stable since
2022. Globally, the NPS is +36% in 2023, showing an improvement from +32% in 2022.
Given these results, the Customer Excellence and Commercial Innovation Team has arranged a series of meetings
in the various areas to discuss them. Countries and regions will prepare and implement specific actions in support of
their customers.
Prysmian: quality processes and solutions
Quality helps organizations to be efficient and competitive by providing a reference framework that supports a
culture of excellence. The expectations of customers and stakeholders translate into a strategy that leverages
tools designed to enhance business processes and the value delivered.
At Prysmian, Quality helps to form a corporate culture in which excellence is the norm. To support this cultural approach,
a vast amount of training has been provided in recent years to employees of all corporate functions on the principles of
Quality, tools and methodologies for solving and preventing problems.
The effectiveness of these activities can be seen in the performance of our indicators, which show an annual trend of
continuous and progressive reduction in the number of complaints. A complaint is defined as any written notification
from a customer of a potential product non-conformity that Prysmian recognizes as such.
Aiming for excellence and high quality as a competitive lever also means making optimal use of data within the
decision-making process. To extend and exploit the available data base, thus supporting this strategic process, the
Group continued to work on innovative digital solutions capable of analyzing huge amounts of data and allowing for
better decision-making.
In the course of 2023, the Data Driven Performance project (aimed at using advanced data analysis techniques
and artificial intelligence to improve the performance of production processes) was consolidated at fiber optic
production sites and also implemented in factories dedicated to cable production, including those in Nordenham
and Gron.
The Industrial IOT project was introduced to enable better connectivity of production lines and greater usability of
process data. The extension of FastTrack MES to Group factories also continues, making product quality management
even more robust throughout the production cycle.
Timeliness and efficiency of service
For years, increasingly widespread and efficient Supply Chains have acted as a driver for the global economy, providing
goods at a lower cost, offering greater choice and stimulating greater economic growth. That was true until the
pandemic came and all the supply chains were disrupted.
In 2023, many companies struggled to recover from that huge system shock. Now the crisis in Europe and tensions in
the China Sea add new uncertainty.
As a result, most are reviewing their supply chains and evaluating a range of solutions to reduce complexity and risk,
and increase resilience. However, companies face significant obstacles, including continuing labor and raw material
shortages, external geopolitical and climate risks and a lack of alternative suppliers.
Within such a complex global context, Prysmian is addressing these issues by taking action to simplify and secure its
systems, aiming for a more robust supply chain better able to withstand future shocks.
Prysmian continued to maintain its strategic focus on Customer Centricity, striving to sustain an adequate level
of service performance in terms of shipment reliability and “lead time” from order receipt to product delivery to
customers.

The main purpose of the actions taken by Prysmian’s Supply Chain was to adjust the operations of its factories by
mitigating the most critical implications of the Russia-Ukraine Conflict and the new shadows cast by the Israel-
Palestine conflict.
The measure of On Time Delivery (OTD), or the ability to serve the customer by meeting the delivery date promised
when the order is confirmed, saw a major upswing in 2023. This has been achieved thanks to the “tailor-made”
assistance provided by our Customer Care departments, geared toward minimizing the impacts of difficult delivery
management and above all, the demonstrated ability to recover the burdensome order backlog accumulated over
the last year.
All of this has taken place, despite the impact in the Energy sector of Argentina’s difficult political situation and some
fortuitous events, such as a fire at the Cavinova plant or, in the case of Telecom, the extreme criticality resulting from
the erosion of demand worldwide.
In the Energy business, service performance remained stable compared to the previous year as far as the Prysmian
scope is concerned (92%), while in the former GC53 area we highlight an important improvement mainly related to the
performance in the US for both Energy and Telecom.
Positive impact on communities

One of the drivers of the sustainability strategy that has characterized Prysmian for years is the engagement of local
communities, which represent one of the stakeholders receiving the value generated by the Group, which thus
contributes to the socio-economic development of the areas in which the company operates.
Donations
In 2019, the Group adopted a Donations policy, revised and updated in November 202354, for identifying all deserving
activities. These donations are aimed at meeting the needs of communities or the general public, in line with the
Vision, Mission, values, Code of Ethics and Policies put into place by the Group. This policy defines the main types
of contributions that can be made, the guiding principles and operating methods, as well as the monitoring and
communication of these activities. In 2023, about Euro 2,000,000 was given to support local communities through
contributions in cash, in products and in working hours of employees.
Type of assistance
72.33% Donations in chas

4.69% Donations in kind
22.98% Corporate volunteering
53 GC performance was added in 2022 to the service level measurement of EHC’s Escalator business, which adopts an OTD calculation similar to that used for former GC
plants
54 https://www.prysmian.com/sites/www.prysmian.com/files/2024-03/prysmian-group-donations-policy-2023-final-eng.pdf

Type of initiative
55% Charitable gifts

44% Community investment
1% Commercial initiatives
in the community
Recipients of initiatives
34.17% Emergency relif

17.11% Education and young people
15.84% Environment
10.75% Health
5.02% Activities to promote
economic development
3.99% Social Welfare
3.89% Arts and culture
9.22% Other support
Group initiatives
In relation to the “Impact on local communities” material topic, the following impacts generated have been identified:
• Positive impacts through local employment and local procurement and the payment of taxes and other amounts
to local governments, as well as community development programs and investment in infrastructure and public
services;
• Negative impact potentially generated following changes in the territory and land use changes to accommodate
Prysmian’s activities.
Among the main activities supported and carried out by Prysmian in 2023 to contribute to the development of local
communities and to mitigate any negative effects arising from the Group’s operations are:
• Support to local communities in Turkey and Syria following the 6.8 magnitude earthquake that struck the area in
February. Through its own donation of more than Euro 600,000 and a public crowd funding campaign launched on
the GoFundMe platform, in which employees also participated and via which an additional Euro 45,000 was raised,
the Group, together with local authorities, financed the construction of Prysmian Village where 150 containers were
placed for housing purposes for more than 100 families;
• Support to communities impacted by the flood that hit Emilia-Romagna with more than 200 mm of water
falling in less than 36 hours and more than 30 thousand displaced. The Group contributed to community support
by launching a donation campaign on the GoFundMe platform open to all employees and doubled the donations
it received from employees for a total donation of more than Euro 12,000. In addition, Prysmian promoted the
organization of volunteer activities by its employees: 42 of them lent support to the municipality of Forli by offering

valuable help in handling reimbursement paperwork for damages suffered by the community, lightening the
workload for municipal staff. Finally, the Group promoted “in-kind” donations with the collection of basic necessities
such as food, cleaning and hygiene products.
• On the occasion of Mental Health Month, with the help of Legambiente Italia, the Group organized a volunteer
day for its employees. During the event, guests contributed to the maintenance of a public green space in the city
of Mila, the Paolo Pini Gardens, that will be used as public garden. Specifically, for around 4 hours, 30 employees
pruned branches, weeded and collected leaves for the creation of hedges and vegetable gardens. The area being
maintained is frequented by the elderly and users of area health services; the work aimed to make the walking
paths safe for the benefit of the community. The activity had a twofold value: environmental (useful actions to
improve green areas) and social (the spaces, once restored, will be used by the children of “Il Giardino degli Aromi
Onlus”, the association with which Prysmian collaborated during the event).
• Prysmian Malaysia organized a blood drive in August with the support of the local authority and health
organizations, that involved more than 50 employee at Prysmian Melaka headquarters. The local authorities
expressed their gratitude to the participants, stressing that the contributions of all donors will be vital to having
an adequate and constant supply of blood during medical emergencies. In addition, donors received prize tokens
from Prysmian Malaysia, a testament to the company’s commitment to empowering its employees and their
willingness to participate in initiatives that have an impact on local communities.
• Prysmian Thailand made a donation of power cables to the Department of Skills Development of the Ministry of
Labor. The cables will be used for educational purposes by universities and research centers for the training and
development of young technical specialists in the field. This donation highlighted the importance for Prysmian
to support the training and development of young local talent to provide them with career opportunities and
improve their quality of life.
• In line with the objective set forth in Prysmian’s 2030 Social Ambition to empower the local communities in
which it operates, with a focus on developing countries and vulnerable communities, in 2023 two of the Group’s
programs aimed at training women for factory work were expanded: “Elas in Industria” for 65 women in Brazil and
“SHE STEMS” for 20 women in Oman. In Colombia, “Energizing your Future” concluded its first mentoring program
for 18 at-risk high school students, while in the Netherlands, the United States and the United Kingdom, Prysmian
employees introduced STEM topics to elementary school students. Scholarships dedicated to supporting minority
students of all ages have been awarded in many Group regions.
Sustainable innovation for products, applications and processes

Through sustainability and innovation, the Group is strongly committed to finding new solutions, materials and
processes that bring benefits. In fact, being an enabler of the energy transition and digitalization means having the
ability to innovate constantly.
Innovation is the driver that defines and underpins all of the Group’s social and environmental ambitions. Innovation
and sustainability are inextricably bound together, requiring Prysmian to adopt a holistic and integrated approach:
efforts in innovation strengthen the commitment to achieving the long-term targets set. Sustainability is now
embedded in the creation of value for customers, making it tangible and visible, through the development of
innovative, green solutions.
Decree no. 254/2016 with reference to the 2023 material topic: “Sustainable innovation and circularity”.
Risk identified
Risk of loss of competitiveness or leadership in the energy transition business
Description of risk
The new energy transition policies and resulting new market opportunities are rapidly changing an already
competitive context, with the potential entry or strengthening of new players and the development of new
technologies, which may reduce or interrupt Prysmian’s leadership. Exposure to this risk has been analyzed over the
2022-2035 time horizon, considering the four IEA emission scenarios: (STEPS, APS, SDS and NZE), with an impact in
the form of lower revenues and/or profitability assessed as low-medium over the medium term and medium-high
over the long term.

Prysmian has carried out an in-depth analysis of its business activities in relation to the entry of new competitors into
the HV Underground, Submarine Energy and Submarine Telecom sectors. Assessment of the risk of new players also
considered companies with significant financial resources, not necessarily active in the cables sector, that might see
the energy transition sector as an important business opportunity. Adopting a quantitative approach, this activity
analyzed the demand for these businesses in the 2022-2035 period, highlighting the main drivers that might prompt
new players to enter the market. This will enable Prysmian to monitor the risk carefully as it evolves, and facilitate any
necessary refinement of its medium/long-term strategy.
Risk identified
Risk related to technological innovation and, in particular, to emerging, alternative or replacement climate-related
technologies
Description of risk
The acceleration of technological innovation in recent years, with ever more massive use of renewable energy and
an already established path towards digitalization, consolidated during the COVID-19 pandemic, exposes the Group’s
cultural and organizational model to the risk of being unprepared for such rapid change.
Prysmian has assessed the possible impact on the business of new emerging, alternative or replacement technologies
linked to the climate and renewables (e.g. hydrogen, higher capacity batteries, E-Vehicle technologies, wireless
technologies, etc.).
Exposure to this risk was analyzed over the 2022-2035 time horizon, considering the four IEA emission scenarios
(STEPS, APS, SDS and NZE), confirming a medium-low impact, which becomes medium-high in a Net-Zero scenario
over the long term.

In terms of mitigation actions, the diversified portfolio of activities with a global geographical presence is a strength
for Prysmian , as the only world leader with a business model balanced among areas with differing profiles, where
each segment plays a precise role in the overall strategy, considering stability, growth potential and the generation of
opportunities.
Prysmian aims to maintain its leading role in R&D, with 26 centers of excellence, advanced proprietary technologies,
1,000 experienced professionals, 5,800 patents granted or pending and relationships with the world’s leading
universities and research centers.
The appointment of a Chief Innovation Officer (CIO) and a Chief Digital Officer, reporting directly to the CEO, and
the establishment of a Group Innovation Steering Committee, chaired by the CIO, further consolidate the Group’s
commitment to innovation, research and development. The Group strategy is completed by roadmaps dedicated
to innovation, cost reduction and projects in the Projects and Telecom sectors, innovation competitions among
employees, also involving key customers, and a professional development plan dedicated to strengthening the
innovation skills of employees.
Risk identified
Risks related to possible infringement of third-party patents
Description of risk
The increasing rise in new product offerings and the opening to new markets, in part also accelerated by decarbonization
policies, leads to an increased likelihood that Prysmian’s products will include solutions patented by third parties with
the risk of incurring litigation costs. Exposure to this risk was analyzed over the 2023-2035 time horizon, considering
the four IEA emission scenarios (STEPS, APS, SDS and NZE), confirming a low impact over the medium term, due to
continuous application of the mitigation measures adopted, which becomes low-medium over the long term.

Prysmian’s Intellectual Property department, supported as necessary and on specific issues, by external professionals,
constantly analyzes the possible existence of third-party patents with respect to new products and markets,
undertaking to comply with third-party intellectual property rights when aware of their existence. Prysmian’s strong
patent portfolio is an important deterrent against litigation.

The pillars of innovation and the Innovation Steering Committee
Innovation at Prysmian is about meeting customers’ needs, understanding their business goals quickly and effectively
and developing environmentally and community-conscious solutions with them. To meet its commitment to
innovation and sustainability, R&D implements internal processes and activities every day to ensure their effectiveness.
Prysmian established the Innovation Steering Committee in 2020. It acts as the control room of the Group’s innovation
activities by leveraging the expertise of the R&D department, Corporate Hangar, EOSS and the Digital Innovation
department:
Research and Development
The Group has invested primarily in areas that promote the development of cable infrastructures for power and data
transmission: EHV underground power transmission systems, ever longer and more efficient submarine cable systems
that can be laid at ever greater depths, fiber optic solutions with a higher number of cables in a miniaturized space for
easy handling in the field.
Digital Ambition
Prysmian’s Digital Ambition aims to generate long-term value for the company’s business in order to maintain the
Group’s leadership in the energy and digital sectors. Digital tools and solutions are key assets to enable a future of
cutting-edge innovation and continue to deliver outstanding performance to the market, contributing to the defense
of the Groups’ competitive positioning.
This ambition gave birth to Prysmian’s new Digital Strategy, called BODI, which aims to develop an innovation model
fully integrated into the company’s operational processes.
The acronym highlights the importance of an organic vision of innovation as the backbone system of the company
through 4 dimensions:
• B for business oriented, emphasizing attention to the needs of our stakeholders as well as to market opportunities;
• O for open innovation, to consolidate awareness of the necessary level of openness to ecosystems external to companies,
start-ups and research centers;
• D for digital and digitalization, to be brought first and foremost in data, business processes and the broader culture;
• I for impact, to support a concrete approach to innovation aimed at generating measurable value.
Prysmian’s portfolio of innovation initiatives and digital solutions continues to grow and concerns a variety of areas,
from manufacturing to the supply chain, from finance to purchasing and sustainability, from solutions dedicated to
our customers to those that aim to improve the way we work and communicate.
The coming months will certainly be devoted to identifying new opportunities opened up by the use of technologies
such as Generative AI and RPA (Robot Process Automation), which will help make the company even more efficient and
able to respond to customer requests even more rapidly, maximizing the level of quality that has always characterized
us as a market leader.
Open innovation infrastructure: Corporate Hangar
Prysmian has further strengthened its relationship with its venture builder Corporate Hangar to accelerate the path
toward innovation and sustainability. In 2023, Corporate Hangar founded 2 start-ups, RevIoT and E-WAWE, in parallel
with the acceleration of Alesea, Kablee and Cultifutura created in previous years and the development of new projects
with high potential that will become the next corporate start-ups.
Capitalizing on the expertise developed in recent years, RevIoT harnesses the potential of IoT for tracking fixed and
mobile assets, enabling remote monitoring and improving maintenance and warehouse management activities.
E-WAWE increases the efficiency of industrial and commercial facilities through an innovative power grid monitoring
system while increasing safety.
In 2023, Corporate Hangar also promoted new projects in the areas of grid monitoring, distributed charging of electric
vehicles and recycling of raw materials. In parallel, it worked to promote corporate entrepreneurship in Prysmian,
through the organization of an Innovation Contest for a business unit of the group and the Sustainability Call for Ideas
(SC4I), collecting more than 1,000 ideas from employees around the world.
For more details on the Sustainability Call for Ideas, please refer to the “Dialogue with the Group’s stakeholders” paragraph.

EOSS (formerly Prysmian Electronics)
EOSS is not only a legal entity, but also an integrated business unit dedicated to the design of electronic and optical
solutions for monitoring cable systems. Whether high- or low-voltage cables, the goal is to collect data, acquired
from the different digital architectures, that can provide useful information to better understand their performance.
The main feature of the EOSS business model is to provide, through the monitoring system, not only the physical
parameters related to the monitored asset, but the diagnosis of its status and performance as well.
R&D activities in 2023 mostly concentrated on completing the architecture for single-phase and three-phase Pry-Cam
Home with a digital platform to collect and visualize data in a more structured fashion, as well as on the implementation
of an AI approach to various issues related to the use of instruments within various businesses.
EOSS has also worked to expand the range of products for certain specific applications relevant to the current core
business, such as overhead line monitoring, home electric vehicle charging and solar farm monitoring. Two major
developments have also been initiated for fire detection applications using DTS Raman and verification of the state of
use of elevator ropes with the Elevator BU.
Continuing the activities of previous years, in 2023 the Innovation Steering Committee strengthened its role in
coordinating activities aimed at consolidating the Group’s main areas of innovation and further promoting the
entrepreneurial culture of employees.
The following measures were introduced in 2023:
• Review and consolidation of the global innovation portfolio aligned with the Group’s objectives, ensuring that
high potential projects are accelerated with the right resources;
• Strengthening of the governance of innovation initiatives, both by structuring processes for managing initiatives
and by establishing models for measuring the value that can be generated;
• Increase in R&D spending, linking Innovation activities with Sustainability in support of the Climate Change
Ambition;
• Strengthening of collaboration and synergies both among the entities participating in Steering Committee and
externally with potential customers to offer higher value-added products and services and reinforce Prysmian’s
position as a leading supplier of cables and systems capable of handling customer needs;
• Promotion of greater employee engagement in the areas of innovation via initiatives such as Wired for Innovation
(to introduce employees to international experts in areas of innovation relevant to the Group) and Innovation
contests. The first Sustainability Call for Ideas and Sustainability Week 2023 were also launched in 2023 (please refer
to the “Dialogue with the Group’s Stakeholders” paragraph for more details).
The R&D Team
Globally, Prysmian R&D has more than 1,000 professionals working in 26 centers of excellence. The R&D Headquarters
is located next to the Milan office and coordinates the activities carried out by the local R&D centers, promoting
innovative and sustainable projects with a medium- and long-term perspective.
In its laboratories, new cables and technologies can be developed in complete autonomy, being able to benefit from:
an experimental prototypes room for the production of cables and compounds, a facility equipped with the most
advanced systems for testing EHV cables and a physical-chemical lab complete with cutting-edge instruments for
accurately analyzing the properties of cables and materials.
The creation of a test hub for the study and development of systems to support the energy transition continues in the
area of the Italian plant in Quattordio. In 2023, a mechanical test area for the study of submarine systems was built
and, at the same time, the electrical laboratory was completed. To date it includes 2 640-kV HVAC test systems and 1
1200-kV HVDC test system. A 600-kV HVAC system is also being completed for testing under conditions simulating
the actual installation.
Finally, the design and approval process with local authorities for the construction of a second laboratory capable of
accommodating 6 1200-kV HVDC test areas has been completed. The hub is expected to be completed in the first
quarter of 2025.
Group R&D is responsible for the overall innovation strategy, which seeks to make Prysmian a major player in the value
chain, supporting the energy transition, digitalization and sustainability. The local R&D centers are active operationally
in new product development, as well as in the design-to-cost program and the rationalization of product families.

Innovation
128 million euros About 5,500 26 research centres

invested in R&D * ( )
patens covering
the main innovations
258 product families 50 collaborations 1,000 professionals

launched in 2023 with research centres
and universities
*
( )
Operating expenses of Euro 106.5 million and investments of Euro 21.5 million.
Sustainability has become increasingly central to the Group’s R&D activities since the 2022 launch of the “Design For
Sustainability (D4S)” program, which will change the way the entire R&D community and its network operate. The
development of new products now considers their value in terms of sustainability, applying the Eco Cable criteria at
the base of the D4S program.
In addition, with the adoption of the “Accolade” management software, sustainability will be among the main criteria
for evaluating the project portfolio in different countries/BUs. During 2023, the “Design for Sustainability” (D4S)
program became an established practice within the Group’s R&D, and to ensure that the products thus designed and
manufactured find adequate market outlets, the Sustainability for Business (SfB) function was created in the second
half of the year.
It is responsible for promoting the marketing of sustainable products internally, both by accelerating the spread of
the ECOCABLE brand and by assisting the Sales function in dealing with key customers. This function also has dual
reporting with the CSO (Chief Sustainable Officer) in order to ensure harmonization between Corporate strategies and
subsequent execution by the various Regions, BUs and Corporate Functions.
Thanks to this new structure, Prysmian’s R&D has continued to provide fundamental support to the business, enabling
its growth both in terms of profitability thanks to the design-to-cost (DTC) program, which reached a new record
during 2023 in terms of global results, and thanks to the launch of new products on the market (NPI).
Worth mentioning were the following projects, which are part of a program to implement structured procedures for
R&D process management at the project management and product engineering levels:
• Accolade program, which aims to introduce a standardized and uniform methodology for the management
of R&D projects in different countries, including the phase of economic evaluation and the selection of priority
projects. The program can be considered currently implemented in the United Kingdom, Latin America, North
America, Northern Europe, Central Europe, Oman, Turkey, China, Oceania, as well as in the Automotive, Network
Components, MMS and Elevator-Escalator segments;
• Pry-CD program, launched in 2022 to meet the needs of the various Engineering/Cable Design functions of
countries and BUs, which need to have a modern and efficient cable calculation tool at their disposal. Among the
main objectives of the Pry-CD system are that of being developed in an environment 100% compatible with that of
the corporate ERP and, above all, of introducing Environmental Sustainability as a fundamental criterion to be used
for the definition of cable design, in both the Energy and Telecom areas, based on Eco Cable criteria.
Furthermore, for several years now, R&D has sponsored events to gather innovative ideas and spread a cutting-edge
culture within the group, such as Calls for Ideas and Innovation Contests. During 2023, the function sponsored 3
initiatives in particular:
• EEBU Innovation Contest: the Group successfully completed the contest dedicated to the Elevator & Escalator
business unit, formed from the merger of Draka Elevator and EHC Global. The EEBU Innovation Contest aimed
to bring innovation to the vertical transportation industry by bringing together teams with complementary skills.

• Call for Ideas for universities and research institutions with PoliHub: the group launched a targeted “call for ideas”
campaign addressed to Italian universities and research institutes from which more than 50 proposals were
collected. The top five ideas, which stood out for their innovative potential and strategic appropriateness,
were presented to Prysmian senior management. This process culminated in the selection of an idea for a co-
development agreement with the Group, demonstrating the success of this strategic initiative.
• Sustainability Call for Ideas: launched in January 2023 and addressed to all group employees. Please refer to the
“Stakeholder Engagement and materiality analysis” section of this document for more details.
Innovation ecosystem
Prysmian recognizes the importance of partnerships in doing research, as highlighted by the United Nations Sustainable
Development Goals (SDGs). Collaborating with relevant Stakeholders, from academia to independent research centers,
from suppliers to supply chain counterparts to customers, is essential. Their collaboration and feedback are crucial in
identifying areas that require a greater focus.
This is why, over the years Prysmian has established consolidated partnerships with over 50 leading universities
and research centers around the world. These strategic collaborations offer the Group support in technological
research and allow it to adopt the most innovative and sustainable solutions in all areas of the cables and cabling
sector.
Partnerships
Among our many collaborations, the most significant ones in terms of innovation and sustainability are listed below
• Politecnico di Milano (Italy)

• Politecnico di Torino (Italy)
• Università degli Studi di Salerno (Italy)
• Università di Palermo (Italy)
• Università di Bologna (Italy)
• Università di Padova (Italy)
• CNR Research Institute (Italy)
• National Electrical Energy Research & Application Center (USA)
• Oak Ridge National Laboratory (USA)
• Polytechnic University of Catalonia (Spain)
• Shanghai TICW (China)
• Fraunhofer Institute (Germany)
• University of Cantabria (Spain)
• Delft University of Technology (Netherlands)
• Wuhan China Electric Power Research Institute (China)
• Polytechnic University of Bucarest (Romania)
• Technical University of Berlin (Germany)
• Technical University of Dresden (Germany)
• State Technical University of Jaroslavl (Russia)
• State University of Saint Petersburg (Russia)
• Tomsk Polytechnic University of National Research (Russia)
• UFAL – Universidade Federal De Alagoas (Brazil)
• Virginia Polytechnic Institute and State University (USA)
• SCITEC – Istituto di scienze e tecnologie chimiche “Giulio Natta” (Italy)
• Bursa Uludag University (Turkey)
• University of Marmara (Turkey)
• IST – Integrated System Technologies (UK)
• Inova (Italy)
• Jade Hochschule Wilhelmshaven (Germany)
• Kunststoff-Institut Lüdenscheid (Germany)
• FGH Institute di Mannheim (Germany)
• PA Consulting (UK)
• Instituto Eldorado (Brazil)
• Questek (USA)
• DexMat (USA)
• Sintef (Norway)
• Urban Mining Collective | New Horizon (Netherlands)

In addition to the partnerships mentioned above, major collaborations in which Prysmian took part in 2023 include, in detail:
• STI (Surface Technology International): since March 2023 we have been cooperating with STI, which, as a contract
manufacturer, produces Power Over Ethernet hardware for us to realize smart building technologies. STI provides
electronic component design and manufacturing solutions for our printed circuit board assembly (PCBA) with the
main goal of reducing energy consumption.
• USP – Universidade de São Paulo: this collaboration, initiated in the 1980s, has led to many advances over the
years. It has now been renovated to enable the development of new computational tools for Umbilical cable design.
As part of this project, the University of São Paulo will develop, with support from Prysmian, tools for defining
cable cross sections, a “lazy wave” configuration of dynamic cables, collision analysis of riser cables, and for thermal
and electromagnetic analysis. This will enable Prysmian to take its speed and quality to the next level, providing
optimized solutions that use less materials and resources. All of this is also under the banner of greater sustainability.
• ZEPREN Solutions: the objective of this collaboration is to develop software capable of sending real-time warning
signals and providing statistical data obtained from Distributed Acousting Sensing (DAS) system detections in
a series of use cases involving the use of overhead transmission line Optical Ground Wire (OPGW) cables. The
software developed interfaces with the “interrogator” of the DAS and transmits alarm signals to the end user. The
use cases examined by the project are: lightning detection, short-circuit detection, identification of critical intervals
due to high wind, bird strike, pylon mechanical instability and ice sleeves.
• IBSS of Xi’an Jiaotong – Liverpool University: Prysmian China Local School started its partnership with IBSS of
Xi’an Jiaotong-Liverpool University in 2021. As a top-ranked business school, IBSS offers valuable opportunities
including cross disciplinary partnerships in research, learning and teaching. In 2022, in collaboration with IBSS,
Prysmian launched “Sustainable Leadership Training” to enable its employees to better understand the rationale
behind its Social Ambition and share its commitment. The training provided covers 6 strongly interconnected
topics designed to cover as much as possible of the various aspects of the work. A total of 24 leaders and staff
from different functions participated. Afterwards, participants shared what they had learned with their teams and
challenged each other in a business simulation system.
• CPqD – Centro de Pesquisa e Desenvolvimento: the CPqD is involved in the evaluation of Optical Ground Wire
(OPGW) cables sheared by sharp and very strong kite wires and the Mine LED project related to cable lighting
for mine applications. The first study aims to develop a test methodology that can reproduce in the laboratory
the interaction between the OPGW cable and sharp kite wires, allowing the performance of different models of
OPGW cables to be compared. The second project aims to develop and improve innovative cable lighting solutions
for mining applications. For the Min LED project, CPqD supports Prysmian from design conception to the first
prototype made manually in their laboratory.
• CIDET – Center for Research and Technological Development: through CIDET, a process for certification of
conformity with the RETIE regulation was conducted for the SUPERFLEX cable produced at the Chilean plant.
CIDET develops the processes for internal auditing of factories and laboratories, as well as conducting evaluation
of raw materials and conformity of reports on tests conducted at laboratories accredited to the ISO/IEC 17025
standard. This certification process allows local products and the products of any Prysmian plant to be marketed
in the Colombian market.
• Tyromer – University of Waterloo (Canada): collaboration is active for two projects. The first sets out to evaluate
the addition of de-vulcanized rubber supplied by Tyromer (“Tire Derived Polymer” or TDP) to one of the SBR rubber
compounds used for handrails with the goal of incorporating a portion of recycled material into SBR rubber
handrails. The second aims to evaluate the use of Tyromer’s technology of using supercritical carbon dioxide in a
twin-screw extruder to achieve de-crosslinking of XLPE (cross-linked polyethylene) cable sheathing.
• RICE University | Carbon Hub: Prysmian is one of the founding members of Carbon Hub. Carbon Hub (at
Rice University in Houston, Texas) aims to accelerate the energy transition to reliable and sustainable green
power generation through the responsible use of hydrocarbons used as the basic component for ubiquitous
carbon materials. Based on non-competitive collaboration among industry, academia, institutes and non-profit
organizations with related goals, Carbon Hub aims for corporate performance aligned with environmental and
social commitment and responsibility to communities. Carbon Hub continues to conduct research on carbon
nanotubes, focusing particularly on mechanical and electrical properties, their synthesis and health and safety
issues. In 2023, Carbon Hub and the Kavli Foundation established a grant to further develop carbon nanotube
synthesis, paving the way for sustainable materials in the transition to green energy.
• University of Colorado: the research group is working on making copper-graphene alloys that provide up to 125%
IACS electrical conductivity in solid-state Flash welds. Prysmian takes care of the electrical characterization of the
processed cables and provides support in product design.

Speaking platforms
In order to share the evolution of its research work and best practices, Prysmian participated, through its managers, in
major international conferences with a view to outlining the active role played in implementing the changes underway.
The Group took part in the following conferences:
CRU Wire & Cable Conference 2023, Hamburg, 19-21 June:
• Prysmian as enabler of the Energy Transition - Xavier Vallez, Global Head of Renewables Business Unit
• Energy Cable Leadership Panel – Juan Mogollon, EVP Energy
ABB FIA Formula E Summit: Change. Accelerated. Live! – London, 28 July
• Panel: “Track to road technology transfer: electrification case study”

• Speaker: Srinivas “Srini” Siripurapu, Chief Innovation and R&D Officer
FTTH Council Europe Conference – Madrid, 18-20 April:
• Workshop with Dura-Line, Plummettaz and Lyntia: “Upgrade Without Overbuild via Asset Reuse”
• “Diversity and Inclusion” workshop “Attracting talent to the FTTH industry – sharing best practices” – Coralia
Caravello (HR Southern Europe) regarding Prysmian’s commitment to D&I policies and initiatives at local level
• VoI speaking slots “Reduce the carbon footprint of your FTTH roll out” – Alessandro Pirri regarding the green and
sustainable approach for the optical cable industry
FT Tech and Politics Forum, Brussels, 7 November:
• Informal chat: “Digitalization and sustainability: The global transition to a low-carbon economy”. Digital networks
can enable more efficient use of resources and be a driver for new green sectors. What are the key challenges and
opportunities for the ICT sector in the present green transition? How can the industry collaborate with governments
and other stakeholders to accelerate the adoption of green digital technologies? How can digital technologies be
used to improve the resilience of digital infrastructure in light of climate change? What is the telecom industry
doing to reduce its very significant carbon footprint?” – Toni Bosch, SVP Telecom Solutions
CEO Talk “The Enterprise of the Future. Sustainable, Inclusive and Technological”, 12 July 2023 – M. Battaini, CE-
O-designate of Prysmian – RCS Academy;
Italian Energy Summit, “Energy transition and innovation to win the global challenges”, 27 September,
M. Battaini, CEO-designate of Prysmian, Il Sole 24 Ore;
Green Talk “Transition to Net Zero, Innovating Energy”, 10 October, M. Battaini, CEO-designate of Prysmian – RCS
Academy;
Green Talk “Supply chain, industry and circularity”, 24 October, C. Bifulco, Prysmian Chief Sustainability Officer and
Group IR VP – RCS Academy;
Global Inclusion, “Freedom is participation”, 13 November, F. Rutschmann, Prysmian Chief HR and Organization
Officer, Il Sole 24 Ore;
FT DIGITAL DIALOGUE, “Upscaling the Power Grid for the Energy Transition”, 6 December – M. Battaini, CEO-desi-
gnate of Prysmian, Financial Times.
“Sustainability driving Innovation”: Elfack – Northern Europe’s largest exhibition on energy and electrification, 5 May
2023. Speakers: Frank Middle, Chief Sustainability Officer, and Kristoffer Berglund, Chief Engineer Scandinavia.
WIND EUROPE, 27 April, Copenhagen – “Floating: how to get a supply chain?” – Juliano de Mello, Offshore Wind Bu-
siness Director, Prysmian
Interwire 2023, 9-11 May Atlanta, USA – presentation: Srinivas Siripurapu “Innovation, Investments and Incentives –
Electrifying the Wire and Cable Industry for a brighter future”
JiCable 2023, 18-22 June Lyon, France – Closing Panel: Srinivas Siripurapu “The role of the insulated cable systems for
the Energy transition and Sustainability”

The most Cutting-Edge Research and Development Projects
One of the reasons that has always made Prysmian a market leader is its continuous push for innovation. A list is
provided below of the main innovations developed by the Group from its founding to the present: a history of constant
technological growth.
Innovating to trasform the world
1883 1887 1932 1952 1853 1960 1970
Power cable Submarine Oil Filled Coaxial cables Submarine Power cable Power cable
installed communication power cable connecting communication (EPR) and (XLPE) and
in Milan cable 1x130 mm2 - Madrid and cable accessories up accessories up
connecting Via (telegraph) 60 kV AC Barcellona (telegraph) to 400 kV AC to 275 kV AC
S. Radegonda connecting connecting
and La Scala some minor Cape Verde Fluid Filled pow-
Theater islands in Italy and Brazil er cables (paper)
and
accessories up
to 1,000 kV AC
2011 2013 2014 2016 2017 2018
Flexible pipes P-Laser Very High Fiber P-Laser and Submarine Submarine
for flow lines technology Count Optical XLPE HVDC power cable – Power Cable
for HV cables cables up to 1728 Power cables Ultra High Depths
Nano cable for optical fibers and accessories (3,000 m) Optical cable Flex-
telecommunication Power cables up to 600 kV – Ribbon
application using (PPL MI) and Widecap-0M5 Type Test Optical cable up to 6,912
200μm-XS fibers accessories up Flextube up to optical fibres
to 600 kV DC Multimode Fiber 3,456 optical fibers
for wavelenght E3X high
multiplexing Steel Tube emissivity
Umbilical advanced
for dynamic technology for
applications overhead lines
CPR Low
Voltage Cables
SUBMARINE CABLE PROJECTS
500-kV DC solution for very high depth

Development to enable de-carbonization projects in Italy and better use of energy from renewable sources. Prysmian
has extended the internal qualification of the 1-GW system for installations up to a maximum depth of 2,200 m
by introducing an innovatively designed cable armor. The submarine cable system and installation and repair
methodologies will be definitively validated by early 2024.
Energy Transition
High-power AC systems
Development of AC Solutions to connect large-scale offshore wind farms to the coast (400-kV single-pole AC systems,
275-kV three-pole). This is a strategic project to push for an effective transition towards renewable energy. Prysmian
has completed the development of a large three-core cable operating at 275-kV with a maximum power of 500 MVA.
The development of new cable systems involves the use of aluminum and copper conductors and bimetallic transition
joints. This new design includes some new features to decrease the losses during operation, to optimize associated
manufacturing costs and to reduce material emission values. The development work also highlighted important key
factors for the future reliability of using AC cables with large cores.
Energy Transition

1974 1976 1987 1994 1999 2006 2009
Optical fiber Optical First OPGW Optical – Airbag P-Laser PRY-CAM

technology fiber cable submarine Ground Wire tecnology technology technology
development technology optical cable for MV cables for MV cables for partial
development installation Superconductor discharges
power cable Flextube Bendbright-XS – measurement
Cat 5e technology Bend insensitive
copper data or optical Single-Mode
transmission cables optical fiber
cables
2019 2020 2021 2022 2023
Optical Cable Flex- Bendbright Xs Pry-Cam Home Submarine 525 kV 500kV HVDC solution
Ribbon 180 micron High Depth 3-Core HVDC XLPE for ultra high depths
up to 6,912 Optical Fiber Submarine Cable Cable System PQT
optical cable System 1000 m PrySolar cables for Renewables
Sirocco HD E3X Robot for
P-Laser and 275 kV 3-Core Overhead Lines Alesea IoT
XLPE 525 HVDC Sirocco Extreme Submarine
Underground Ca- Cable System EV Dynamic Digital Solution
ble System Wireless Charging
PQT German Corridors DC cables Pre-terminated Very High Fibre
525 kV HVDC Count Optical Cables
P-Laser German Corridors
Production 525 kV HVDC
XLPE Production
525-kV DC extruded submarine cables

Key project to meet the new climate objectives in Europe through the installation of wind farms very distant from the
shore. Prysmian continued the industrialization and the portfolio expansion for the complete 525-kV submarine cable
system with extruded insulation technology and related accessories. This activity aims to increase system reliability
and improve transmissible power by using larger sections and higher operating temperatures.
Energy Transition
HV cable systems for floating wind farms

A new approach to increase the use of wind farms for clean energy production, moving from static to floating platforms.
To use the high-power offshore wind farms, it is necessary to develop dynamic high-voltage AC cables to connect the
floating station to the coast. Prysmian has started the development of large-scale 220-kV AC systems that will be
completed in 2024.
Energy Transition

LAND CABLE PROJECTS
HVDC solutions for German Corridors

Industrial production of cable systems for German Corridor energy transition projects is ongoing, for both P-Laser and
XLPE insulated versions:
• P-Laser production has been active since August 2021 and more than 500 km of cable have been insulated;
• XLPE industrial production commenced in June 2022. In 2023, 250 km of cable were completed.
Technology transfer for the production of 525-kV direct current (HVDC) cable systems with XLPE insulation continues
in the United States, including the completion of prequalification testing on 525-kV systems.
Energy Transition
ENERGY PRODUCTS
PrySolar
The energy transition to renewable energy has generated a surge in the installation of new photovoltaic systems, both
for domestic and industrial applications and for large-scale production facilities typical of Utilities.
The two types of plants have different requirements due to operating conditions. Particularly in utility photovoltaic power
plants, the wiring between panels and to inverters can be subject to particularly harsh conditions. In order to guarantee
the performance of the products throughout the life of the plants, it was necessary to develop and qualify new cables
dedicated to this application that, in addition to complying with industry standards, were particularly resistant to water
exposure. For this purpose, proprietary test methods have been developed to ensure cable performance over time.
Energy Transition
Pry-ID
Cable digital identification system based on RFID technology which enables quick and easy cable recognition, link to
the installation information and providing full tracking of the cable path. Development of the final version of the app
to manage Pry-ID technology has been completed. Through a series of pilot projects with major customers, it will be
possible to validate the app and the technology. Currently 4 different factories are equipped to use this technology.
Reduced CFP
EV Charging Cables
Fast charging requires development of DC cooled solutions including the integration of a cooling unit. Cable
development has started with two solutions to meet the requirements of different partners. Development and
evaluation, which were conducted together with a number of major OEM (Original Equipment Manufacturer) partners,
focused on the cooled version using a Prysmian-owned patent, designed especially for future megawatt charging
stations and High Power Charging (HPC) cooling systems.
Energy Transition
Three-phase PRY-CAM HOME

In keeping with the traditional innovative approach of PRY-CAM’s product ranges, 2023 saw the launch of a new
electric vehicle charging device. This product can supply electricity at the usual level of 7.4 kW and 22 kW depending
on whether it is connected to a single-phase or three-phase power source and can perform dynamic charging in
synergy with the Master unit of PRY-CAM HOME.
Reduced CFP – Energy Transition – Safety
Water detection sensor for monitoring HV joints

It is a full monitoring system (sensors, monitoring architecture and SW) to detect water ingress in HV cable land joints
to prevent failure and service interruptions. The final version of the system will be qualified through a series of tests in
our in-house laboratories.
Energy Transition – Safety
E3X – Field application service and Coating Solutions to Enhance OHL Performance
E3X coating solutions have been developed to improve thermal dissipation and absorption of solar radiation in overhead
line conductors. The coating ensures both higher power transmission at the same temperature and lower losses than
a conductor of the same size. Retrofitting existing lines is made possible by a cleaning and application robot capable
of applying coating to live lines. In 2023, the industrialization of the second-generation robots was completed with a
field trial with the customer. These improvements are targeted to improve overall operation efficiency in the field and
reduce the retrofitting project cost. A coating for high temperatures (250°C) was also developed. The ability of this
coating to resist oscillations and other mechanical stresses has been demonstrated with some field experiments.
Reduced CFP

Circuits for electric vehicles
The wireless dynamic charging on a test circuit of BreBeMi has been validated and officially launched. Prysmian has
developed, supplied and installed innovative LVDC P-Laser cable to power the management units of the charging
coils. Moreover, Prysmian with EOSS has provided the full monitoring system (PDs, temperature, vibrations, etc.) to
support all the tests that will be performed on the circuit with materials, vehicles and different equipment. Recently
the system has been studied for carrying out similar installations in Europe. A completely innovative new approach
and the first fully wireless dynamic energy transfer project has been developed to power the entire operational area
of an international airport located in northern Italy.
Energy Transition – Reduced CFP – Enhanced Circularity
Medium Voltage Cable Automated Splicing Machine for Underground Cable Network System
Reliability and safety of medium-voltage cable splicing is of paramount importance for an underground cable network
system. Manual splicing process posts the safety concerns to workers and reduces the reliability of the network system.
Hence to improve the safety and reliability of the network, a detailed study to automate the splicing process has been
initiated in collaboration with PA Consulting and 2 major US Utilities. In 2023, we have completed the conceptualization
of the overall process and understood the feasibility of the single step operations.
Reduced CFP – Safety
Sensor for Oil Pollution in Outdoor HV Sealing Ends

PG is partnering with a startup to develop an innovative sensor to detect pollution and early signs of degradation of oils
inside sealing ends for outdoor use of HV cables. The sensor will send the oil analysis as output directly to the control
room. The device can be installed on new sealing ends or even as a retrofitting on existing sealing ends. In 2023, the
first prototype of the sensor was validated and the industrialization phase began
Energy Transition – Safety
TELECOM PRODUCTS
Sirocco Extreme cables for micro-ducts

They are part of a new range of extremely dense fiber optical cables that utilize the world’s first commercially available
180 µm fiber optic. The cables offer the highest fiber density available on the market, a feature that makes it possible
to fit them into smaller ducts or install more fibers in an existing duct. The first cable with 288 fibers was launched at
the end of 2020. Two additional cables with 192 fibers and 576 fibers were launched in 2021. Subsequently, in 2022, the
development of 144-, 432-, and 864-fiber versions began.
Development of 144- and 864-fiber versions continued in 2023. Activity on the 432-fiber version was instead temporarily
suspended to focus on other priorities. Development of the 144- and 864-fiber versions continued in 2023, while activity
on the 432-fiber version was temporarily suspended to focus on other priorities. At the end of 2023, qualification tests
of the 144- and 864-fiber versions were completed, and they were then launched.
Reduced CFP – Digitalization
Aging of optical cables over the long term – Sirocco

Generally, underground optical fiber cables have a lifespan of 25 years, and in fact this is the minimum value included
in most customers’ specifications for these cables. During 2023, Prysmian started long-term aging tests on the Sirocco
cable range to prove that they can last even more than 50 years after installation. Testing began in May 2023 and
ended in January 2024.
Mini flat drop cable

Drop cable volumes currently used in North America in the last mile connecting the FTTH network to the consumer
are very high. The cable has a flat profile and measures 8.1 x 4.5 mm. In 2023, a project was initiated to reduce the size
of the drop cable to 5.5 x 2.8 mm and remove the duct used to lay the optical fiber inside the cable. This will simplify
the production process because the cable can be made in one step using a coating line instead of the usual two
steps that involve first producing a buffer tube on the dedicated line and then applying the coating. The smaller cable
size provides an additional sustainability advantage in that a larger amount of cable can be shipped on a single reel,
resulting in fewer reels per shipment. The cable has been produced in a prototype version and is currently undergoing
testing, to be completed in the first quarter of 2024.

Smart building solutions
Buildings generate the highest amount of CO2 emissions globally. To tackle this problem, Prysmian developed a smart
building solution using PoE (Power over Ethernet) technology. A large amount of energy is lost inside buildings when
converting alternating current to direct current. This is especially the case with building lighting and emergency lights.
Today, all new lights installed in buildings are LEDs and do not require high AC voltage but run on 48-V DC. Converting
AC to DC for lighting generates waste, so our solution aims to use PoE technology to power and control the lights,
emergency lights and IoT devices in the building with a simple plug-and-play solution using Ethernet cables. Several
products were developed during 2022 and 2023, including a 24-port switch, a LED driver for LED lights, an emergency
point of withdrawal (POD) to control emergency lights, an IoT Gateway to connect IoT devices, and a sensor to measure
various parameters including occupancy level, air quality and temperature. The certification phase of the products has
begun, and they are expected to be ready in the third quarter of 2024.
Hybrid Cables
The ever increasing spread of 5G and IoT requires the use of distributed antennas and sensors that utilize power and
data. This is driving the need for a new range of small hybrid cables that can be used to deliver both data and low
voltage power. Three more cables were developed in 2023.
The first is a 2.5 mm2 four-pole cable containing up to 24 fibers. The second is a 1 mm2 four-pole cable with up to 24
fibers, and the third is a 1 mm2 two-pole cable with up to 6 fibers.
Multi-core fiber
The project consists of developing a multi-core fiber where each fiber contains four separate cores. This solution offers
four times the capacity of a standard fiber within the same space, enabling cables to be manufactured with four times
the capacity in the same diameter. In 2022, fiber drawing trials took place in Douvrin (France) while the first cable
prototype was made in Lexington (USA). More fiber and cable trials were conducted in 2023, but the process was
slowed down as Telecom business declined. Activities are expected to resume again in the latter part of 2024 as the
market recovers.
Pre-terminated Very High Fiber Count Cables

Development of the fully pre-terminated FlexRibbon cable having an extremely high fiber count, with ultra-compact
144-fiber expanded beam connectors. This solution would enable customers to simply install the cable through the
duct and plug it into a patch panel without the need for splicing in the field. After making first prototypes in 2021,
further work was carried out in 2022 to make the first prototype cable for a field trial.
The cable was made in Lexington (USA) while the sealing end with EBO connectors was made by a third-party supplier.
The first field test was carried out in January 2023, but was unsuccessful because the duct was found to be too small
in size. More tests were conducted during 2023, and we are currently awaiting a field trial with the end user, expected
before the end of 2024.
96-fiber ULW cable

Currently British Telecom uses a 36-fiber ULW cable to distribute optical fiber within its FTTH network in the United
Kingdom. Many thousands of kilometers of this cable are used each year. In 2022, a 96-fiber version was developed in
the same diameter as the 36-fiber cable, which provides additional capacity in the same space.
Several versions of the cable were made and tested during 2023, with some critical issues in meeting the performance
indicated in the customer’s specifications coming to light.
A solution was finally found in the third quarter of 2023, and the cable was sent to the customer for approval testing.
Final approval was obtained in the last quarter of 2023, and to date the cable is on the market. This will enable a
reduction in the carbon footprint as it will be possible to install fewer cables in the network.
Mini CSP (Customer Splice Point)

A Mini CSP for OpenReach was developed in 2023. This is a new product designed taking a creative thinking ap-
proach. In the design phase, a solution smaller than the product currently in use was developed. It saves a total of
150 g of plastic, metal and rubber per piece.
Due to its design, the box contains only the parts needed for installation, with no additional elements. The existing
product was supplied with several additional components, some of which were used in only 10% of installations.
Since this product is consumed in very high volumes (~1 million pieces per year), it was extremely important to
eliminate the waste of the pieces that were usually sent to landfills.

Use of regrinds – Connectivity
In 2023, using regrinds in Connectivity was studied. During the injection into the mold process, a large amount of
waste material escapes from the sprue that injects the plastic into the mold. The first piece to be analyzed was the
LMJ muffle base. The feeding system inside the instrument produces 156 g of waste material per molded base. This
material is now reground and used to mold three small components used in another product. Other products are
currently being evaluated for 2024.
NETWORK COMPONENTS
“Twin-Plug” asymmetric joints for 400- & 525-kV DC cables

The introduction of gas-free solutions such as the Twin-Plug will totally eliminate any CO2 emission. In addition to suc-
cessfully completing prequalification tests for 525-kV DC systems, performance tests were carried out to assess the
reliability margin under higher stress on 525-kV DC cable systems with XLPE insulation. Qualification testing of the
asymmetric configuration, including systems with XLPEP-Laser insulation, was completed in the first quarter of 2024.
Energy Transition – Reduced CFP
Asymmetric rigid repair joint (RRJ) for 275-kV shallow water cables
The development and qualification of the new rigid repair joint (RRJ) for 275-kV cables for shallow water submarine
applications were successfully completed in 2022. Type-test qualification of the asymmetrical rigid repair joint (RRJ)
on unreinforced cables, including with 2,000 mm2 aluminum and 2,000 mm2 copper bimetallic conductor, was
successfully completed in the first quarter of 2023
Energy Transition
Very high-voltage AC and high-voltage DC dry outdoor sealing ends (ODSE)

Development and qualification of a full range of self-supporting dry ODSE for technologies up to 400-kV AC and 420-
kV DC.
The development of dry 400-kV DC ODSE involves the use of EPDM internal cone technology to manage the distribution
of electrical stress on the cable part. Validation with testing will be completed in the first quarter of 2024. Subsequently,
the sealing end will undergo full prequalification testing on 2,500 mm2 cable systems with XLPE insulation.
The dry 400 kV AC ODSE sealing end requires the use of EPDM internal cone technology to manage distribution of electrical
stress on the cable part. Definition of the configuration was completed in the second quarter of 2023, while prototyping is
currently in progress. Validation with testing is expected to be completed by the end of the second quarter of 2024.
Energy Transition – Reduced CFP
Introduction of New Products

As with all R&D core activities, New Product Introductions (NPI) are monitored on an ongoing basis. The main objective
of this process is to raise awareness of the importance of innovation as a success factor, and of new product development
as a driver for improving the organization’s performance. Consolidation of new product processes, combined with
General Cable legacy activities, generates additional value in order to sustain the business, outperform competitors
and win new customers.
The main activities relating to new products are supported by data management software for global innovation
(Sopheon Accolade®), the main information regarding which is provided below:
• Accolade is an innovation management tool, designed to manage and measure innovation, new product
development and technology transfer programs. At Prysmian, Accolade acts as the “Single Source of Truth” (SSOT)
for product development, being the only tool capable of gathering all relevant data. This global platform will further
improve the process of prioritizing and therefore assigning resources to strategic projects, thereby increasing value
creation and the innovation success rate;
• the platform enables the configuration of processes, deliverables and metrics specific to the business, providing
support for strategic planning, portfolio management and efficient project execution;
• the platform increases process efficiency through improved coordination and information sharing among
Prysmian’s R&D, Operations, Sales and Quality functions;

• Accolade will be implemented in all of the Group’s integrated regions and business units by 2024: during 2023, the
UK, Latin America, North America, Northern Europe, Central Europe, Oman, Turkey, China, Oceania, as well as in the
Automotive, Network Components, MMS and Elevator-Escalator segments fully completed the rollout;
• more than 450 new product development projects had been managed within the platform at the end of 2023.
Better management and more effective monitoring also ensure more accurate reporting. With regard to this last
activity, a specific new tool has been implemented for new products, to assist with their economic analysis and keep
track of the most important projects during the three-year vitality period. Indeed, it is used to set vitality objectives
(NP revenue/global revenue) for each region/business unit, in order to maintain the focus on development and analyze
progress in coming years.
The R&D function implemented numerous new product development projects during 2023, leading to:
Over 80 new products in the Innovation category

(new product Category/Type that does not exist in the global market).
Over 760 new products in the Development category

(new product Category/Type that does not exist within Prysmian, but already exists in the market).
The company achieved incredible results, thanks to new technologies and products that allowed the group to achieve
the best result in the innovation category, compared to previous years. The result achieved in 2023 in terms of category
vitality was 4.2% compared to 2% of 2022. This growth has allowed us to lead the market and promote innovative
products before our competitors.
The Q3 2023 parameter measuring the vitality of the Group reflects an increase with respect to the same period in
2022, rising from 17.1% to 20.7%:
New products vitality
Total net sales NP net sales

Prysmian % Vitality
result (K€) (K€)
Group result 10,506,043 2,177,328 20.7
New products vitality
% Vitality
NP net sales
NP category
(K€)
3Q2023 3Q2022
Innovation 441,008 4.2 2.0
Product development 1,344,973 12.8 8.9
Technology transfer 391,347 3.7 6.2

Group Investment for a sustainable future
In 2023, Prysmian increased investment in support of its ambition to be an enabler of the energy transition, responding
to accelerating demand for digitalization and electrification solutions.
The strategy, aligned with the five-year plan unveiled on Capital Markets Day in October 2023, specifically calls
for a selective acceleration of investment to meet growing demand, mainly in the Projects area. Over the 2023-
2027 period, investment will grow 1.7 times over the previous five years to Euro 2.7 billion.
Industrial activities
The geographical distribution and capabilities of the various plants allowed Prysmian to consolidate its industrial
strategy even further during 2023. This strategy is based on the following factors:
1. production of high value-added, high-tech products in a limited number of plants destined to become centers
of excellence with high technological skills and where it is possible to leverage economies of scale, consequently
improving production efficiency and reducing capital invested;
2. constant pursuit of greater manufacturing efficiency in the commodities sector, while maintaining a widespread
geographical presence to minimize distribution costs.
In 2023, the value of gross investment was Euro 624 million, up from the previous year (Euro 454 million) due
to increased investment in production and installation capacity, which is essential to meet the needs of the energy
transition.
Capacity/Product mix
Investment to increase production capacity and take account of changes in mix accounted for 80% of the total.
Projects
Aiming to support the growing demand for submarine cable systems for interconnection projects and offshore
wind farms and to strengthen execution capacity, Prysmian announced an investment of about Euro 350 million
for two new state-of-the-art cable laying vessels.
The first cable-laying vessel will be the evolution of the Mona Lisa class. With a length of about 185 m and a width
of about 34 m, the new vessel will be equipped with advanced cable installation solutions, such as three rotating
platforms with a total capacity of 19,000 tons, making it among the cable-layers with the highest carrying capacity
on the market. The towing force, exceeding 180 tons, will enable complex installation operations by simultaneously
carrying out cable laying and burying (up to 4 cables) using several plows, for unparalleled optimization of offshore
operations. The vessel will be operational by early 2027.
The other cable-laying vessel will be the Ulysses-class evolution, with a length of about 167 m and a width of about 40
m. The vessel will be equipped with two rotating platforms, one of which is divided into two concentric sections, for a
total cargo capacity of 10,000 tons. The vessel will be operational by the first half of 2025.
Both vessels will have green credentials: they will be equipped with high-voltage shore connection systems that will
power them with clean energy during loading operations (shore connection), diesel generators suitable for biodiesel
blends and hybrid batteries only for the vessel that will install at high depths (for special activities).
In the same area, the construction of the cable-laying vessel Monna Lisa, an investment of about Euro 200 million,
which began in 2022, plus an adjustment of about Euro 40 million for cable installation equipment, continues on
schedule. The Monna Lisa will be operational from early 2025.
Among the most significant investments aimed at increasing the production capacity of the Projects Business Unit,
which is necessary to meet growing market demands, are those aimed at further upgrading the plants in Pikkala
(Finland) and Gron (France).
In Pikkala, plant expansion continues with the construction of a tower about 185 m high that will house a new
vertical extrusion line for the production of 525-kV DC or 400-kV AC submarine high-voltage cables, for a total
investment of about Euro 120 million.
A further expansion step has also been approved during 2023, which includes the installation of a second vertical
extrusion line within the tower under construction and all the necessary machinery to complete the other steps
of the production process based on the incremental volumes generated by the new insulation line, for a total
investment of approximately Euro 120 million.

An investment has been approved at Gron to install an additional silicone oil insulation line, which will support the
production of 525-kV terrestrial HVDC cables with XLPE insulation or proprietary P-laser technology and all the
necessary machinery to complete the other steps of the production process based on the incremental volumes
generated by the new insulation line. The project, which follows the previous expansion that began in 2022 and is
nearing completion, involves an investment of more than Euro 50 million.
Planning continues for the new Brayton Point (Massachusetts – U.S.) plant, which involves the conversion of an area
formerly occupied by a coal-fired thermal power plant into a state-of-the-art inter-array and export submarine cable
production site.
The expansion of high-voltage cable installation and manufacturing capacity was accompanied by the strengthening
of testing capacity through the approval of an investment to increase the number of HVDC test bays and mechanical
test areas at the Quattordio (Italy) site. The investment of more than Euro 20 million will support an ongoing innovation
process to research new materials and/or technologies for HVDC applications.
Energy
Investment in this business segment has focused on certain specific sectors, in order to support the growth in market
demand. An investment of approximately Euro 60 million was approved in DuQuoin, Illinois, for a major increase
in medium-voltage cable capacity that will be mainly for renewable energy (solar and wind) distribution markets.
The project involves the expansion of the plant with about 9,000 square meters of new production space and the
necessary machinery for an approximately 50% increase in renewable energy cable production capacity. Investments
continue to be made in Sedalia (Missouri) to expand the plant for the production of low-voltage aluminum cables,
which mainly serve the residential/commercial/industrial construction market and the photovoltaic market, and in
Williamsport (Pennsylvania) to increase the capacity to produce HV cables for overhead distribution lines. Finally,
several investments are being made in Europe aimed at increasing capacity and expanding medium- and low-voltage
cable capability in order to support market demands.
Telecom
In the Telecom business segment, investments were finalized to increase optical cable production capacity in Jackson
(Tennessee) for the production of Loose Tube and Drop cables, and in Dee Why (Australia) to upgrade plant capacity
in order to produce cables for Telstra’s new Australian fiber-optic network that will reach 20,000 km, connecting the
country’s major cities.
Efficiency and Industrial Footprint
About 4% of total investment was allocated to achieving efficiency improvements and reductions in fixed and
variable costs (mainly product design and material usage). The Group has continued to invest in cost optimization
throughout the Telecom segment’s production chain. Specifically, investments continued in 2023 in upgrading
machinery with the best production technologies currently available within the Group.
Again in 2023, Prysmian continued with its 10-year Euro 100 million sustainability investment program. These
investments, totaling Euro 7 million in 2023, involve several types of activities, including the installation of photovoltaic
systems in some of the Group’s facilities, various measures to reduce energy consumption, and a multi-year plan to
reduce the use of SF6 gas.
IT, Research and Development
Around 8% of capital expenditure was dedicated to further development of the Group’s IT systems, Digital
Transformation initiatives and R&D. In 2023, following the integration strategy of Prysmian, the group ERP system
(SAP 1C) was implemented in the U.S. for the Elevators Business, bringing the total number of production plants to 84,
also adding the corresponding 6 distribution centers, managed in the single SAP 1C system, present in more than 30
countries. In the Operations area, the Corporate MES implementation project (FastTrack) was successfully completed
at the Livorno (Network Components) facility in June 2023, while the Vilanova (Energy, Spain) factory began the go-
live phase during Q4 2023 and was completed in January 2024. FastTrack implementation has also been launched at
the Energy facilities in Kistelek (Hungary) and Neustadt (Germany), as well as the Telecom facility in Jackson (United
States) and Suzhou (China); for all four sites, project completion is expected by the first half of 2024. Two more factories,
already identified, will see implementation during the second half of 2024
Base-load
Capital expenditure for structural maintenance activities amounted to about 8% of the total. The main component
of this amount is related to the continuation of the modernization of offices and production sites in order to support
the well-being and safety of people, and the reliability of machinery

Intellectual Property
The protection of the patent and trademark portfolio is a key element of the Group’s activities, also in relation to the
growth strategy in high-tech market segments. At the end of 2023, the number of patents and patent applications
of Prysmian and the number of patent families remained basically unchanged. The strategy of filing patents in new
countries to go along with the expansion of Prysmian’s presence around the world continues.
Number of patents and applications
5,881 5,760
5,627 5,581 5,539 5,460
4,871
2017 2018 2019 2020 2021 2022 2023
Number of patents for the Energy and Telecom sectors
589
574
520 518
473
460
426
316 323
308 312
288
279
226
2017 2018 2019 2020 2021 2022 2023
Energy Telecom

The number of new filings per year is decreasing although the number of ROI (Record of Invention) received remains
high, that is, inventions sent to the Intellectual Property department. Apparently, the number of patentable inventions
compared to the number of ROIs received continues to be lower than in the past.
New first filings
50
41
26
28 29
26 24 24
18 19
18 17 16
13 11
10 11
8 8
10
2017 2018 2019 2020 2021 2022 2023
Total Energy Telecom
Number of ROI
88
80
56 58
50
46
44
40 30 40
34
27 29 28 27
21
27
13 22
19
2017 2018 2019 2020 2021 2022 2023
Total Energy Telecom

It is important to note that again in 2023 the Group’s patents were used in infringement cases in Italy and France. There
are two lawsuits still underway in Italy and France, while for the others an agreement has been reached with the other
party. These legal initiatives are part of a broader strategy undertaken by the Group in order to protect investments
made in R&D.
In terms of trademarks, Prysmian filed 5 new trademark families, abandoned 149 trademarks no longer in use locally
and aligned registrations with the Group’s strategies. At the end of 2023, Prysmian owned 4,583 trademark registrations
related to 861 trademark families.
The data come from Prysmian’s internal database, which is constantly updated by the Intellectual Property department
in line with the main patent databases available. Also among the tools used by the Intellectual Property department is a
new website for collecting ROIs and applications for new trademarks. The internal database regularly cross-references
data with the databases of patent and trademark offices. The data are also cross-referenced with databases of external
legal advisers who manage certain stages of the patent and trademark granting process.

Methodology
The data and information provided in Non-Financial Statement (NFS), refer to all companies belonging to Prysmian as
at 31 December 2023, consolidated on a line-by-line basis. The scope of the data is clearly indicated in the text, in the
tables and in the section “Notes on the data and information”.
In addition, within the NFS, additional KPIs specific to the sector in which the Group operates have been integrated,
taking into consideration:
• the indicators published by the Sustainability Accounting Standards Board (SASB), clearly identified in the table in
the “SASB Index” section;
• the indicators published by the TCFD, identified in the “TCFD Correlation Table” section.
Both these indicator types are to be considered additional to the information prepared in accordance with the GRI
Standards to respond to the requests of arts. 3 and 4 of Italian Legislative Decree 254/16.
The document takes into account the sustainability matters considered of highest priority for the Group, as identified
in the materiality analysis (see the section entitled “Stakeholder Engagement and Materiality analysis”). As required
by the Reporting Standard, this section includes the “GRI Content Index” containing details of the indicators reported.
The process of collecting the data and information necessary for the drafting of the NFS has involved various functions
of the Group companies and has been designed to ensure reporting in line with the GRI principles of precision, balance,
clarity, comparability, completeness, sustainability, timeliness and reliability. In particular, the data was collected using
a digital platform, which enables information to be centralized and activates a virtuous analysis-management circle
for these indicators.
The Consolidated Non-Financial Statement is published annually.

Except for the information reflected in the indicators summarized in the “SASB Index” and the “TCFD Correlation
table”, the NFS has undergone a limited assurance review, in accordance with the International Standard on Assurance
Engagements (ISAE 3000 Revised), by EY S.p.A. The review was carried out in accordance with the procedures indicated
in the “Independent Auditors’ Report” included in this document.
With regard to the materiality analysis conducted by the Group, only the part relating to financial materiality was not
included in the limited review by EY S.p.A. Those quantitative indicators unrelated to any general or topic-specific
disclosures required by the GRI Standards, as identified in the Content Index, were not included in the limited assurance
review by EY S.p.A.
For comments, requests, opinions and suggestions for improvement on Prysmian’s operations and the information
contained in the document, you can contact:
SUSTAINABILITY DEPARTMENT [email protected]
Notes on the data and information

In general, for all data analyzed by geographical segment, the following regions were considered: North America,
Latin America, EMEA (Europe, Middle East and Africa) and APAC regions. For details of the countries included in the
geographical regions, please refer to the map of the Group’s factories shown in the “Global leadership” section..
Workforce data
For 2023, the headcount figures of the companies forming part of Prysmian as at 31 December 2023 and consolidated
on a line-by-line basis were considered.
With reference to pay data, the workforce of “Nantong Haixun Draka Elevator Products Co. LTD” and “Nantong
Zhongayo Draka Elevator Products Co. LTD” is excluded.
With reference to employee gender data, the “other” category includes a non-binary qualification declared by the
employee or the employee’s failure to specify a gender.
Environmental data
The environmental data presented in the document is derived from a reporting system that, with respect to the stated
reporting scope, does not include offices and distribution centers as they have a reduced environmental impact
compared with the Group’s production activities. The following points have to be noted:

• Chiplun plant (India): the data included in the reporting scope is estimated on the basis of actual production in the
years 2022 and 2023. For the year 2021, the data were estimated on a linear basis.
• Sohar plant (Oman): the data, included in the reporting scope, for the years 2021 were estimated on a linear basis.
The data relating to this site are included in the figures reported in this document, except when expressly indicated
otherwise. Environmental data is not yet reported in relation to the installation of underground cables (the environmental
aspects and methods of management differ greatly from those of the operating units), except the CO2eq emissions
coming from those installation performed by contractors, which are estimated thanks to a spent-based methodology
and included in the purchased goods and services category of the Group’s Scope 3 emissions.
Note also that environmental performance indicators may contain estimates, if final data is not yet available at the time
of preparing the Consolidated Non-Financial Statement.
Calculation of GHG emissions

Greenhouse gases analyzed
The GHG emissions included in this document comprise CO2, HFC, PFC and SF6. Other gases such as CH4 and N2O
whose emissions were found to be insignificant were also analyzed.
GHG emissions are expressed in CO2eq, the standard unit of measurement for the global warming potential (GWP)
of greenhouse gases, calculated as the warming power of a unit of gas with respect to that of carbon dioxide.
The GWP values used to calculate the CO2eq are taken from the Fourth Assessment Report (AR4) of the
Intergovernmental Panel on Climate Change (IPCC) and cover a period of 100 years. With regard to refrigerant
gases, the GWP values associated with them were considered. In all cases, an oxidation factor of 1 is presumed.
Sources of Scope 1, Scope 2 and Scope 3 emissions
Scope 1 GHG emissions derive from sources owned or controlled by the Group, including:
• natural gas;
• LPG;
• petrol;
• diesel;
• fuel oil;
• marine diesel;
• refrigerant gas leaks;
• SF6 gas leaks.
Scope 2 GHG emissions derive from purchased energy that was produced outside of the Group, but consumed by it,
including:
• electricity generated from renewable sources and obtained as a result of purchasing Guarantee of Origin (GO)
certificates and EECSs (European Energy Certificates System);
• electricity produced from fossil fuels;
• district heating;
• steam.
Scope 3 GHG emissions considered in this document relate to the following sources, identified with reference to the
GHG Protocol guidelines
• purchased goods and services;

• capital goods;
• fuels and energy-related activities;
• upstream transportation and distribution;
• waste generated in operations;
• business travel;
• employee commuting;
• upstream leased assets;
• downstream transportation and distribution;
• use of sold products;
• end-of-life treatment of sold products;
• investments.

Note that Scope 3 categories excluded from the above list have been omitted because they are not material. More
information can be found in the “2023 GHG Statement” prepared by the Group.
Emission factors
Sources of emission factors for the Scope 1 calculation:
• 2021:
– Fuels: Defra 2021;
– F-GAS: GHG Protocol.
• 2022:
• 2023:
Sources of emission factors for the Scope 2 calculation are:
• 2021:
– Location-based: Terna 2019;
– Market-based: AIB 2020 (for European countries) and Center for Resource Solutions (for the USA and Canada),
using the “2021 Green-e Energy Residual Mix Emissions Rates” as source where available, otherwise Terna 2019.
• 2022:
– Location-based: Terna 2019;
using the “2022 Green-e Energy Residual Mix Emissions Rates” as source where available, otherwise Terna 2019.
• 2023:
– Location-based: IEA 2023;
using EPA as source (2023 Green-e Energy Residual Mix Emissions Rates sheet) where available, otherwise IEA
2023.
As of 2022, TERNA no longer publishes Location-based Emission Factors. For 2022 reporting, due to TERNA’s publication
delay, emissions were calculated by maintaining the TERNA factors used for 2021 (as per the procedure). While, starting
from FY 2023, Prysmian decided to switch to IEA as the source for Location-based factors.
The following checks and assessments were performed to confirm that the introduction of the new IEA factors into
the Group’s GHG emission calculation and reporting tools did not make it necessary to re-state the Baseline:
• Calculation of deviation in emission values (2019-2020-2021) due to the change in the Location-based data source
(IEA instead of TERNA): the changes, averaging about 1-2%, were considered insignificant at Group level;
• Recalculation of 2022 emissions, with new factors (IEA 2022), and comparison of values obtained with those
published in the 2022 NFS (calculated with the TERNA factors already used for 2021). Again, the deviation in total
emissions (Scope 1 and Scope 2 Market-based) associated with the change in data source was not significant
(+0.92%, using IEA), so there was no need for a recalculation of emissions for the year 2022, which is the baseline for
the reduction targets for the next three years (2023-2025);
• The rate relating to electricity covered by GOs associated with nuclear energy has been quantified as having zero
direct emissions.
Calculation of Scope 3 GHG emissions

For Scope 3 emissions calculations, the data source for location-based factors is the IEA, so no comparisons are needed.
Category 1: Purchased goods and services

Purchase-related emissions are split into two categories:
• category 1.a – product-related, including all goods and services purchased that are directly linked to production of
the product;
• category 1.b – non-product related, including all other goods and services purchased that are not directly linked to
the production process, but are needed for the functioning of the organization.

The methodology used to calculate these emissions is described below:
• category 1.a – the calculation considers the data for purchased metals and the bills of materials for components. It
uses specific emission factors for each of the metals, depending on the form of the metal purchased, the location
of the supplier of each metal, the recycled content of each metal. For other raw materials, emission factors are taken
from the Ecoinvent database, applying the EU guidelines on product environmental footprint (“EU-PEF”);
• categoria 1.b – for each category of expenditure, a specific emission factor is taken from the EEIO database55, either
as raw data or calculated as an average of other emission factors. In this case, the emission factors do not make any
assumptions about recycling, as this is not an established market practice..
The exclusions for each of the above categories are presented below:
• for category 1.a – metals: data for the following countries is excluded: Ivory Coast, Tunisia, India, the OAPIL plant in
Oman and the former reporting scope of EHC;
• for category 1.a – compounds and other materials and category 1.b – non-product-related emissions: only data
relating to Chiplun (India), OAPIL (Oman) and EHC (Canada and China) are excluded;
Category 2: Capital goods

The calculation methodology is based on Prysmian’s capital expenditure, estimating the portion relating to each of the
following 8 categories: buildings, utilities, purchased machinery, customized machinery, refurbished machinery, control
systems, production engineering and vessels. Emission factors are calculated for each of these 8 expenditure categories
by averaging the relevant EEIO emission factors. Assumptions are then made about the portion of investment in each
expenditure category associated with the procurement of a material or service. Lastly, the emissions are calculated by
multiplying the expenditure on each category by a combined average of the material emission factor and the service
emission factor.
Category 3: Fuels and energy-related activities (not included in Scope 1 or 2)

Emissions are calculated by multiplying the quantities of fuel, electricity and thermal energy by the relevant upstream
emission factors. The 2023 conversion factors issued by the International Energy Agency (IEA)56 and DEFRA57 (UK
Department for Environment, Food and Rural Affairs) are used to calculate the upstream emissions of purchased fuels,
electricity and thermal energy, including transport and distribution (T&D) losses.
Category 4: Upstream transportation and distribution

Two methods of calculation are used for this category, one for inbound logistics and one for outbound logistics.
• The calculation of inbound logistics emissions is based on an estimate that uses product quantitative information
relating to purchased goods and services (category 1.a) and EEIO emission factors.
• The outbound logistics calculation is based on the distance travelled, the weight carried and the method of
transport. Given that the Prysmian data includes thousands of individual journeys, making it difficult to extract the
distances for each route, the distance is estimated by grouping the journeys for each country and assuming that all
journeys go from one capital city to another. In the case of journeys within the same country, it is assumed that they
go from the capital to the second-largest city. In addition, since no data was provided on the method of transport,
it was estimated that all journeys of less than 3,000 km were made on the road, while all those of more than 3,000
km were made 10% on the road and 90% by sea (journeys by air for logistical purposes are minimal). The emissions
for each journey are then calculated by firstly determining the “tons-km” (multiplying the total distance travelled
by the weight transported) and then multiplying it by the applicable DEFRA emission factor. The emissions from
outbound logistics not performed by the Group or outsourced are included in category 9.
The emission factors used for the category 4 calculation include Well-To-Tank (WTT) emissions.
Data for the following Units is excluded from this emissions category: Chiplun (India), OAPIL (Oman), Automotive
B.U. (only Tunisia, North America and Mexico), Ivory Coast, Russia, EHC (North America Elevator), Projects (Powerlink,
NSW and the Arco Felice factory) and other minor streams among China logistic centers and European semi-finished
products.
Category 5: Waste generated in operations

Waste data for the calculation of emissions is provided by each production site, while the waste data of offices is
estimated with reference to sector averages. Waste data includes a subdivision by the location of final processing. The
data is expressed in kg and subsequently combined with the DEFRA emission factors for waste processing. Given
that office waste data was not available, a sector average was used for the calculation. The kg of waste per m2 was
55 Source of emission factors: Open Input Output (2011), Sustainability Consortium, University of Arkansas. Please consider that EEIO factors are yearly adjusted for global
inflation, average global improvements in CO2eq/GDP, and switch to service sector of global economy.
56 Source of emission factors: IEA (2023), “Emission Factors”
57 Source of emission factors: DEFRA (2023), “UK Government GHG Conversion Factors for Company Reporting”.

determined using the average kg of waste per employee and the average density of employees per m2, given the
surface area occupied by Prysmian. The result was weighted considering the average of the waste sent to landfills vs
that recycled by an office.
Category 6: Business travel

The methodology used to calculate these emissions is described below:
• the cost of business travel was recorded for each reporting year, distinguishing between air and rail travel andcar rental.
• Emissions were calculated by multiplying the cost by the related EEIO emission factors for each category of travel.
Category 7: Employee commuting

Emissions were calculated as the product of the number of employees times an emission factor of = 1700kgCO2eq/
year for each employee’s commute. The mean factor is derived by using the “Quantis Scope 3 Evaluator” tool.
Category 8: Upstream leased assets

The calculation for this emissions category considers the electricity consumption values available and the surface area
occupied by Prysmian. Subsequently, the IEA emission factors for each country are applied to the related kWh. An
average of kWh/m2 is calculated if the kWh data is missing or not provided.
Category 9: Downstream transportation and distribution

This category includes the emissions generated by product transportation and distribution activities that are not con-
trolled or paid for by the reporting entity. Specifically, the scope of category 9 includes ex-works (EXW) deliveries and
other Incoterm types.
The emissions calculation is based on the distance travelled, the weight carried and the method of transport. Since no
data was provided on the mode of transport, it was estimated that all journeys of less than 3,000 km were made on the
road, while all those of more than 3,000 km were made 10% on the road and 90% by sea (journeys by air for logistical
purposes are minimal).
The emissions for each journey are then calculated by firstly determining the “tons-km” (multiplying the total distance
travelled by the weight transported) and then multiplying it by the applicable DEFRA emission factor. The emission
factors used for the category 9 calculation include Well-To-Tank (WTT) emissions.
Data for the following Units is excluded from this emissions category: Chiplun (India), OAPIL (Oman), Automotive
B.U. (only Tunisia, North America and Mexico), Ivory Coast, Russia, EHC (North America Elevator), Projects (Powerlink,
NSW and the Arco Felice factory) and other minor streams among China logistic centers and European semi-finished
products.
Category 11: Use of sold products

A model has been developed for the calculation of emissions that determines the annual cable losses, by type of cable
and by country, from 2023 until end of life (between 2046 and 2063, depending on the cable).
These annual losses are then multiplied by the emission factor for electricity in the country concerned, being the
emission factor for national grid generation and for Well To Tank (WTT) generation provided by the IEA. The emission
factor for a country is different for each year from now until 2063, in order to take account of the expected changes in
the CO2 intensity of the grids.
Grid decarbonization forecasts are calculated for each country in which Prysmian cable losses exceed 5% of the total
losses and for those in which the forecast data is easily obtained.
Regional proxies are used for countries in which the losses are less than or equal to 5% and whose forecasts are difficult
to obtain: for example, EU data is used for Belgium and data for the Asia Pacific area is used for New Zealand.
Category 12: End-of-life treatment of sold productsi

The methodology used to calculate these emissions is described below. In particular the following assumptions are
made:
• the quantity of cables produced is the same as the quantity of cables sold to customers;
• “power cables” and “wire rods” are produced by the Energy and Projects divisions and represent 90% of sales, while
“telecom cables” and “fiber optic” are produced by the “Telecom” division and account for the remaining 10%;
• 90% of the cables are recycled at their end of life, while the remaining 10% are transferred to landfills;
• “power cables” consist of 90% metal and 10% plastic, while “wire rods” are 100% metal.

The emissions of “power cables” and “wire rods” are calculated, as they are the only categories for which metric data
expressed is available in tons of product, rather than km.
This is because the BDEFRA emission factors are expressed in kgCO2eq/ton. The calculation involves multiplying
the weight of the metals and plastic by the related BEIS emission factors, for both the quantity recycled and that
transferred to landfills. The value obtained is then uplifted by 10% to account for “telecom cables” and “fiber optic”.
Category 15: Investments

Emissions are calculated using the following equation:
• CO2eq = SUM (USD invested per sector x emission factor for the sector (kgCO2eq/million USD)).
Different emission factors are used depending on the sector in which subsidiaries operate and, therefore, each
investment is compared with the sector concerned. Most investments are assigned to the “industrials” category, others
to “materials” and still others – where subsidiary information is not available – to an average “global” emission factor.
Note that some categories are excluded – treated as zero emissions – as they are not relevant to Prysmian. These
categories are listed below.
• Category 10: this category is excluded because Prysmian sells finished products to end users, without intermediate
products that might be processed further or transformed into other products.
• Category 13: Prysmian does not lease assets to third parties and, accordingly, this category is excluded.
• Category 14: Prysmian does not have franchises and, accordingly, this category is excluded from the Scope 3
inventory.
Health and safety data

Health and safety data (FR, SR) does not include: for 2021, 2022 and 2023, the company Associated Cables Pvt. Ltd.
(Chiplun site).
Data on occupational diseases do not include: for 2020, Associated Cables Pvt. Ltd. (Chiplun site), Oman Aluminium
Processing Industries LLC (Sohar site) and Oman Cables Industry (Muscat site); for 2021 Associated Cables Pvt. Ltd.
(Chiplun site) and Oman Aluminium Processing Industries LLC (Sohar site); for 2022 and 2023 Associated Cables Pvt.
Ltd. (Chiplun site).
The injury-related indices are calculated as follows:
• Frequency rate (FR): (total number of injuries with loss of work/hours worked) * 200,000;
• Fatalities are included in the calculation of the Frequency rate;
• Severity rate (SR): (number of days lost/hours worked) * 200,000;
• Occupational disease rate: cases of occupational disease (officially notified/hours worked) * 1,000,000;
• Absentee rate: total hours of absence/hours to be worked;
• Fatality rate: (number of fatalities/hours worked) * 200,000;
• The frequency, severity, fatality and occupational disease rates were calculated using, as the denominator, the
hours worked by employees and external collaborators (including temporary agency workers and contractors).
This calculation applies to 2021, 2022 and 2023

Correlation table pursuant to Italian Legislative Decree 254/2016, Material topics and GRI Aspects
Material topics for GRI

It. Leg. Decree 254/16 Chapter/Page
Prysmian Standards
Ethics and integrity – Page 106

Governance, Ethics and GRI 3-3 Environmental responsibility – Page 123
Integrity GRI 2-23 People, Prysmian’s human capital – Page 140
Sustainable value chain – Page 166
GRI 2-1
GRI 2-2
GRI 2-3
GRI 2-4
GRI 2-5 Methodology – Page 200
GRI 2-6 Prysmian: Connect, to lead – Page 12
GRI 2-9 Significant events during the year – Page 50
GRI 2-10 Corporate Governance – Page 34
GRI 2-11 External reference: “Report on Corporate Governance and
GRI 2-12 Ownership Structure” 2022
Organizational Model GRI 2-13 Letter from the CEO – Page 7
GRI 2-14 Prysmian: sustain, to lead – Page 22
GRI 2-15 Ethics and integrity – Page 106
GRI 2-16 External reference: “Report on Remuneration policy and
- GRI 2-17 Compensation Paid” 2023
GRI 2-18 Proactive role in trade associations
GRI 2-19 and organizations – Page 32
GRI 2-20 Remuneration policy and welfare plans – Page 155
GRI 2-21 Respect for human rights – Page 159
GRI 2-22 Prysmian Customers.
GRI 2-24 The Customer Excellence approach – Page 176
GRI 2-25 Sustainable value chain – Page 166
GRI 2-26 Stakeholder engagement
GRI 2-27 and materiality analysis – Page 89
GRI 2-28
GRI 2-29
GRI 2-30
GRI 3-1
GRI 3-2
GRI 3-3
GRI 401-1
GRI 401-2
GRI 402-1
GRI 403-1
GRI 403-2
Composition of human capital - 142
Well-being, engagement GRI 403-3
Respect for human rights – Page 159
and improvement of GRI 403-4
Remuneration policy and welfare plans – Page 155
human capital skills GRI 403-5
Health and safety in the workplace – Page 161
GRI 403-6
GRI 403-7
Staff GRI 403-9
GRI 403-10
GRI 404-1
GRI 404-3
Prysmian: Connect, to lead – Page 12

GRI 2-7
- Composition of human capital - 142
GRI 2-8
Equity, diversity, Composition of human capital - 142

GRI 3-3
Human Rights inclusion and respect for Respect for human rights – Page 159
GRI 405-1
human rights
GRI 3-3
Governance, Business ethics and integrity: the pillars of sustainability -
Anti-corruption GRI 205-2
Ethics and Integrity Page 106
GRI 205-3

Material topics for GRI
It. Leg. Decree 254/16 Chapter/Page
Prysmian Standards
Biodiversity and impacts GRI 3-3

Environmental responsibility – Page 123
on nature GRI 304-3
GRI 3-3
GRI 302-1
Facilitating
GRI 302-3
decarbonization to
GRI 305-1 Environmental responsibility – Page 123
achieve Net-Zero and
GRI 305-2
digitalization
GRI 305-3
GRI 305-4
GRI 3-3
Pollution Environmental responsibility – Page 123
GRI 305-7
GRI 3-3
GRI 303-1
Water and effluents GRI 303-2 Environmental responsibility – Page 123
Environment
GRI 303-3
GRI 303-5
GRI 3-3
Sustainable value chain Sustainable value chain – Page 166
GRI 308-2
GRI 3-3
GRI 301-1
GRI 302-1 Sustainable innovation for products, applications and
GRI 302-3 processes – Page 180
GRI 303-1 Sustainable value chain – Page 166
GRI 303-2 Environmental responsibility – Page 123
Sustainable innovation GRI 303-3 Energy – Page 128
and circularity GRI 303-5 Greenhouse gas emissions – Page 129
GRI 305-7 Other atmospheric emissions – Page 131
GRI 306-1 Water – Page 136
GRI 306-2 Waste – Page 131
GRI 306-3
GRI 306-4
GRI 306-5
Cybersecurity and data GRI 3-3

Cybersecurity – Pag. 120
protection GRI 418-1
GRI 3-3
Sustainable value chain Sustainable value chain – Page 166
GRI 414-2
GRI 3-3
GRI 206-1
Business ethics and integrity: the pillars
Governance, ethics and GRI 207-1
Social of sustainability – Page 106
integrity GRI 207-2
Prysmian’s tax strategy – Page 110
GRI 207-3
GRI 207-4
GRI 3-3
Local communities Positive impact on communities – Page 178
GRI 203-1
GRI 3-3
Sustainable value chain GRI 201-2
GRI 204-1

GRI Content Index
Prysmian has submitted reporting in accordance with the GRI Standards for the period
Statement of Use
1 January 2023 – 31 December 2023
GRI 1 used GRI 1 – Foundation – 2021 version
Relevant GRI sector standards Not applicable
GRI Standards
GRI Aspects Omissions Chapter/Page
Disclosure Description
GENERAL INFORMATION
Methodology – Page 200
2-1 Organizational details
Entities included in the organization’s
2-2 Methodology – Page 200
The Organization sustainability reporting
and its reporting
Reporting period, frequency
procedures 2-3 Methodology – Page 200
and contact point
2-4 Restatements of information Methodology – Page 200
2-5 External assurance Methodology – Page 200
Significant events during the year – Page 50
Activities, value chain and other Prysmian: Sustain, to lead – Page 22
2-6
business relationships Prysmian Customers. The Customer
Excellence approach – Page 176
Activities and Sustainable value chain – Page 166
workers
2-7 Employees Composition of human capital – Page 142
Composition of human capital – Page 142
2-8 Workers who are not employees
Corporate Governance – Page 34
Governance structure and
2-9 External reference: “Report on Corporate
composition
Governance and Ownership Structure” 2022
Nomination and selection External reference: “Report on Corporate
2-10
of the highest governance body Governance and Ownership Structure” 2022
Corporate Governance – Page 34
2-11 Chair of the highest governance body External reference: “Report on Corporate
Role of the highest governance body
External reference: “Report on Corporate
2-12 in overseeing the management of
impacts
Delegation of responsibility External reference: “Report on Corporate
2-13
for managing impacts Governance and Ownership Structure” 2022
Role of the highest governance body External reference: “Report on Corporate
2-14
in sustainability reporting Governance and Ownership Structure” 2022
2-15 Conflicts of interest Risk factors – Page 76
Governance
2-16 Communication of critical concerns Ethics and integrity – Page 106
Collective knowledge of the highest External reference: “Report on Corporate
2-17
governance body Governance and Ownership Structure” 2022
Evaluation of the performance External reference: “Report on Corporate
2-18
of the highest governance body Governance and Ownership Structure” 2022
Remuneration policy
and welfare plans – Page 155
2-19 Remuneration policies
External reference: “Report on
remuneration policy and compensation
paid” 2023
External reference: “Report on
2-20 Process to determine remuneration remuneration policy and compensation
paid” 2023
Remuneration policy
2-21 Annual total compensation ratio
and welfare plans – Page 155

GRI Standards
Statement on sustainable
2-22 Letter from the CEO – Page 5
development strategy

2-23 Policy commitments

2-24 Embedding policy commitments
Strategy, policies
and practices Ethics and integrity – Page 106
Processes to remediate negative Environmental responsibility – Page 123
2-25
impacts Respect for human rights – Page 159
Mechanisms for seeking advice

2-26 Ethics and integrity – Page 106
and raising concerns
Compliance with laws

2-27 Ethics and integrity – Page 106
and regulations
Proactive role in trade

2-28 Membership associations
associations – Page 32
Stakeholder engagement and materiality

2-29 Approach to stakeholder engagement
analysis – Page 89
Involvement
of Stakeholders
Dialogue with social partners and collective
2-30 Collective bargaining agreements
bargaining – Page 154
MATERIAL TOPICS

3-1 Process to determine material topics
Disclosure
of material topics
3-2 List of material topics
FACILITATING DECARBONIZATION TO ACHIEVE NET-ZERO AND DIGITALIZATION
GRI 3
Material topics 3-3 Management of material topics Environmental responsibility – Page 123
Version 2021
Energy consumption within

302-1 Energy – Page 128
the organization
302: Energy
302-3 Energy intensity Energy – Page 128
305-1 Direct (Scope 1) GHG emissions Greenhouse gas emissions – Page 129
Energy indirect (Scope 2) GHG

305-2 Greenhouse gas emissions – Page 129
emissions
305: Emissions
Other indirect (Scope 3) GHG
305-3 Greenhouse gas emissions – Page 129
emissions
305-4 GHG emissions intensity Greenhouse gas emissions – Page 129
LOCAL COMMUNITIES
GRI 3
Material topics 3-3 Management of material topics Positive impact on communities – Page 178
Version 2021
203: Indirect Infrastructure investments

203-1 Positive impact on communities – Page 178
economic impacts and services supported

GRI Standards
SUSTAINABLE VALUE CHAIN
GRI 3
Material topics 3-3 Management of material topics Sustainable value chain – Page 166
Version 2021
Financial implications and other risks

201: Economic
201-2 and opportunities due to climate Sustainable value chain – Page 166
performance
change
204: Procurement Proportion of spending on local

204-1 Sustainable value chain – Page 166
practices suppliers
308: Supplier
Negative environmental impacts
environmental 308-2 Sustainable value chain – Page 166
in the supply chain and actions taken
assessment
414: Supplier social Negative social impacts on the supply

414-2 Sustainable value chain – Page 166
assessment chain and actions taken
GOVERNANCE, ETHICS AND INTEGRITY
GRI 3
Business ethics and integrity: the pillars of
Material topics 3-3 Management of material topics
sustainability - Page 106
Version 2021
Communication and training on

205-2 anti-corruption regulations and
205: procedures
Anti-corruption
Confirmed incidents of corruption Business ethics and integrity: the pillars of
205-3
and actions taken sustainability - Page 106
206: Legal actions for anti-competitive

Anti-competitive 206-1 behavior, antitrust and monopoly
behavior practices
207-1 Approach to taxation Prysmian’s tax strategy – Page 110
Tax governance, control and risk

207-2 Prysmian’s tax strategy – Page 110
management
207: Tax (2019)

Stakeholder engagement
207-3 and management concerns Prysmian’s tax strategy – Page 110
related to tax
Prysmian’s tax strategy – Page 110

207-4 Country-by-country reporting Annexes to the Consolidated Non-Financial
Statement – Page 214
WATER AND EFFLUENTS
GRI 3
Material topics 3-3 Management of material topics Water – Page 136
Version 2021
Interaction with water as a shared

303-1 Water – Page 136
resource
Management of water
303-2 Water – Page 136
discharge-related impacts
303: Water and
effluents (2018)
303-3 Water withdrawal Water – Page 136
303-5 Water consumption Water – Page 136

GRI Standards
BIODIVERSITY AND IMPACTS ON NATURE
GRI 3
Material topics 3-3 Management of material topics Biodiversity – Page 138
Version 2021
304: Biodiversity 304-3 Habitats protected or restored Biodiversity – Page 138
POLLUTION
GRI 3
Material topics 3-3 Management of material topics Other atmospheric emissions – Page 131
Version 2021
305: Emissions 305-7 Other significant air emissions Other atmospheric emissions – Page 131
WELL-BEING, ENGAGEMENT AND IMPROVEMENT OF HUMAN CAPITAL SKILLS
GRI 3
Material topics 3-3 Management of material topics
Version 2021
New employee hires and employee

401-1 Composition of human capital – Page 142
turnover
401: Employment Benefits provided to full-time

employees Remuneration policy
401-2
that are not provided to temporary and welfare plans – Page 155
or part-time employees
402: Labor/ Minimum notice periods regarding

management 402-1 operational changes Respect for human rights – Page 159
relations
Occupational health and safety Health and safety

403-1
management system in the workplace – Page 161
Hazard identification, risk assessment, Health and safety

403-2
and accident investigation in the workplace – Page 161
Health and safety

403-3 Occupational health services
in the workplace – Page 161
Worker participation, consultation

Health and safety
403-4 and communication on occupational
health and safety
403: Occupational Worker training on occupational Health and safety

403-5
Health and Safety health and safety in the workplace – Page 161
403-6 Promotion of worker health Welfare system – Page 156
Prevention and mitigation of

occupational health and safety Health and safety
403-7
impacts directly linked by business in the workplace – Page 161
relationships
Health and safety

403-9 Work-related injuries
Health and safety

403-10 Work-related ill health
Average hours of training per year

404-1 Training and development – Page 152
per employee
404: Training and
education Percentage of employees
404-3 receiving regular performance Training and development – Page 152
and career development reviews

GRI Standards
EQUITY, DIVERSITY, INCLUSION AND RESPECT FOR HUMAN RIGHTS
GRI 3
Material topics 3-3 Management of material topics Respect for human rights – Page 159
Version 2021

405: Diversity and Diversity in governance bodies
405-1 Diversity, equity, inclusion and equal
equal opportunity and among employees
opportunity – Page 157
CYBERSECURITY AND DATA PROTECTION
GRI 3
Material topics 3-3 Management of material topics Cybersecurity – Page 120
Version 2021
Substantiated complaints concerning

418: Customer
418-1 breaches of customer privacy and Cybersecurity – Page 120
privacy
losses of customer data
SUSTAINABLE INNOVATION AND CIRCULARITY

GRI 3
Material topics 3-3 Management of material topics Waste – Page 131
Version 2021
301: Materials 301-1 Materials used by weight or volume Sustainable value chain – Page 166
Waste generation and significant

306-1 Waste – Page 131
waste-related impacts
Management of significant
306-2 Waste – Page 131
waste-related impacts
306: Waste 306-3 Waste generated Waste – Page 131
306-4 Waste diverted from disposal Waste – Page 131
306-5 Waste directed to disposal Waste – Page 131

17. SASB e TCFD
SASB Index
Within the 2023 Non-Financial Statement, for purposes other than to comply with the requirements of Italian Legislative
Decree 254/2016, additional specific KPIs for the sector in which Prysmian operates have been added, having regard
for the indicators published by the Sustainability Accounting Standards Board (SASB).
Sector Resource Transformation

Industry Electrical & Electronic Equipment
General Issue Category Disclosure Description Chapter/Page
1) Total energy consumed, (2) percentage Environmental performance

Energy management RT-EE-130a.1.
grid electricity, (3) percentage renewable of Prysmian – Page 124
Hazardous waste Amount of hazardous waste generated, Environmental performance

RT-EE-150a.1.
management percentage recycled of Prysmian – Page 124
Number of recalls issued, total units Prysmian: quality processes

Product safety RT-EE-250a.1.
recalled and solutions - Page 177
Product lifecycle Revenue from renewable energy-related Sustainable innovation for products,
RT-EE-410a.3.
management and energy efficiency related products applications and processes - Page 180
Description of the management of risks

Materials sourcing RT-EE-440a.1. Sustainable value chain – Page 166
associated with the use of critical materials
Description of policies and practices for

Business ethics RT-EE-510a.1. prevention of: (1) corruption and bribery Ethics and integrity – Page 106
and (2) anti-competitive behavior
Total amount of monetary losses as a

Business ethics RT-EE-510a.2. result of legal proceedings associated with Ethics and integrity – Page 106
bribery or corruption
Total amount of monetary losses as a result

Business ethics RT-EE-510a.3. of legal proceedings associated with anti- Ethics and integrity – Page 106
competitive behavior regulations
Sector Infrastructure
Industry Engineering & Construction Services
General Issue Category Disclosure Description Chapter / Page
1) Total recordable incident rate (TRIR) and

Workforce health and Health and safety
IF-EN-320a.1. (2) fatality rate for (a) direct employees and
safety in the workplace – Page 161
(b) contract employees
Description of policies and practices for

Business ethics RT-EE-510a.1. prevention of: (1) corruption and bribery Ethics and integrity – Page 106
and (2) anti-competitive behavior
Total amount of monetary losses as a

Business ethics RT-EE-510a.2. result of legal proceedings associated with Ethics and integrity – Page 106
bribery or corruption

TCFD correlation table
The Task force on Climate-related Financial Disclosures (TCFD) has issued a series of recommendations for the
consistent, voluntary disclosure of information by an organization to investors, lenders and insurance underwriters
about its general strategy and governance, as well as its climate-related financial risks and opportunities, and related
parameters and targets.
The objective of Prysmian’s TCFD Report is to highlight the transparent approach taken to sustainability, as well as to
provide additional climate-related information that is readily accessible and understandable by investors and other
users.
Recommended TCFD disclosure
Disclose the metrics used by the Describe the targets used by the
Disclose the Scope 1, Scope 2 and, if
organization to assess its climate-related organization to manage its climate-
necessary, Scope 3 GHG emissions and
risks and opportunities, consistent with its related risks and opportunities, and its
related risks.
strategy and risk management process. performance against the targets set.
Annexes to the Consolidated Non-Financial Statement

Group companies considered for taxation (*)
in 2023 Prysmian was active in over 50 coutries with more that 170 companies and 40 branches. Please refer to the
following table containing the list of entities considered in the reporting perimeter.
Country Region Entity Activity
Manufacturing or Production; Sales, Marketing

Australia APAC Prysmian Australia Pty Ltd.
or Distribution

China APAC Prysmian Tianjin Cables Co. Ltd.
or Distribution
Sales, Marketing or Distribution; Administrative,

China APAC Prysmian Cable (Shanghai) Co. Ltd.
Management or Support Services
Administrative, Management or Support

China APAC Prysmian (China) Investment Company Ltd. Services; Holding shares or other equity
instruments
Nantong Haixun Draka Elevator Products Co. Manufacturing or Production; Sales, Marketing
China APAC
LTD or Distribution
Nantong Zhongyao Draka Elevator Products Co. Manufacturing or Production; Sales, Marketing
China APAC
LTD or Distribution

China APAC Suzhou Draka Cable Co. Ltd. or Distribution; Administrative, Management or
Support Services

China APAC Prysmian Technology Jiangsu Co. Ltd.
or Distribution

China APAC EHC Escalator Handrail (Shangai) Co. Ltd.
or Distribution;
Research and Development; Manufacturing or

China APAC EHC Lift Components (Shangai) Co. Ltd.
Production; Sales, Marketing or Distribution;

China APAC EHC Engineered Polymer (Shangai) Co. Ltd.
Production; Sales, Marketing or Distribution;

EHC Lift Components (Shanghai) Co., Ltd

China APAC Sales, Marketing or Distribution
FoShan Branch
Prysmian Cable (Shanghai) Trading Co Ltd - Manufacturing or Production; Sales, Marketing

China APAC
Suzhou Branch or Distribution
China APAC Prysmian PowerLink - Branch China Provider of services to unrelated parties
French Prysmian Cables et Systèmes France SAS -

APAC Provider of Services to Unrelated Parties
Polynesia Branch Tahiti
Sales, Marketing or Distribution; Provider of

Hong Kong APAC Prysmian Hong Kong Holding Ltd. HK services to unrelated parties; Holding shares or
other equity instruments
Jaguar Communication Consultancy Services

India APAC Provider of Services
Private Ltd.

India APAC Associated Cables Pvt. Ltd.
or Distribution
India APAC Prysmian Cavi e Sistemi S.r.l. – Branch India Dormant

Indonesia APAC PT. Prysmian Cables Indonesia
or Distribution

Malaysia APAC Sindutch Cable Manufacturer Sdn Bhd
or Distribution
Malaysia APAC Draka (Malaysia) Sdn Bhd Dormant

New Zealand APAC Prysmian New Zealand Ltd.
or Distribution
Philippines APAC Prysmian PowerLink - Branch Filippine Provider of services to unrelated parties

Philippines APAC Draka Philippines Inc.
or Distribution
Singapore APAC Prysmian Cables Asia-Pacific Pte Ltd. Dormant
Singapore APAC Draka Cableteq Asia Pacific Holding Pte Ltd. Holding shares or other equity instruments

Singapore APAC Singapore Cables Manufacturers Pte Ltd.
Cable Supply and Consulting Company Private

Singapore APAC Holding shares or other equity instruments
Limited
Singapore APAC Draka NK Cables (Asia) Pte Ltd. Dormant
Singapore APAC Prysmian PowerLink - Branch Singapore Provider of services to unrelated parties

Thailand APAC MCI-Draka Cable Co. Ltd.
or Distribution

China APAC Prysmian Wuxi Cable Co. Ltd.
or Distribution
Prysmian Cables et Systèmes France SAS –

Algeria EMEA Dormant
Branch Algeria
Algeria EMEA Silec Cable SAS – Branch Algeria (dormant) Dormant
General Cable Condel, Cabos de Energia e Manufacturing or Production; Sales, Marketing

Angola EMEA
Telecomunicaçoes SA or Distribution
Austria EMEA Prysmian OEKW GmbH Sales, Marketing or Distribution
Bahrain EMEA Prysmian PowerLink - Branch Baharain Provider of services to unrelated parties
Belgium EMEA Draka Belgium N.V. Sales, Marketing or Distribution

Belgium EMEA Silec Cable SAS – Branch Belgium Provider of services to unrelated parties

Cote d'Ivoire EMEA SICABLE - Sociète Ivoirienne de Cables S.A.
or Distribution
Czech Manufacturing or Production; Sales, Marketing

EMEA Prysmian Kabely, s.r.o.
Republic or Distribution
Czech
EMEA Prysmian Kablo SRO - Branch Czech Republic Sales, Marketing or Distribution
Republic
Denmark EMEA Prysmian Group Denmark A/S Sales, Marketing or Distribution
Denmark EMEA Prysmian PowerLink - Branch Denmark Provider of services to unrelated parties

Estonia EMEA Prysmian Group Baltics AS
or Distribution

Finland EMEA Prysmian Group Finland OY
or Distribution

France EMEA Prysmian Cables et Systèmes France SAS
or Distribution
France EMEA Prysmian (French) Holdings S.A.S. Holding shares or other equity instruments
Research and Development; Holding /

France EMEA Draka Comteq France S.A.S. managing intellectual property; Manufacturing
or Production; Sales, Marketing or Distribution
France EMEA Draka Paricable S.A.S. Sales, Marketing or Distribution

France EMEA Draka Fileca S.A.S.
or Distribution
France EMEA Draka France S.A.S. Holding shares or other equity instruments
France EMEA P.O.R. S.A.S. Other activities (società per scopi speciali)

France EMEA Silec Cable, S.A.S.
or Distribution
France EMEA EHC France SARL Sales, Marketing or Distribution;
France EMEA Prysmian PowerLink - Branch Francia Provider of services to unrelated parties

Germany EMEA Prysmian Kabel und Systeme GmbH
or Distribution
Prysmian Unterstuetzungseinrichtung Lynen

Germany EMEA Other (fondo pensione)
GmbH
Manufacturing or Production Sales; Marketing

Germany EMEA Draka Comteq Germany GmbH & Co. KG
or Distribution

Germany EMEA Draka Comteq Berlin GmbH & Co. KG
or Distribution
Germany EMEA Draka Comteq Germany Verwaltungs GmbH Dormant
Germany EMEA Draka Deutschland Erste Beteiligungs GmbH Holding shares or other equity instruments

Germany EMEA Draka Deutschland GmbH Holding shares or other equity instruments
Germany EMEA Draka Deutschland Verwaltungs GmbH Dormant
Germany EMEA Draka Deutschland Zweite Beteiligungs GmbH Holding shares or other equity instruments
Germany EMEA Prysmian Projects Germany GmbH Other - Provider of services
Germany EMEA Höhn GmbH Other activities (Real Estate)
Germany EMEA Kaiser Kabel GmbH Other activities (Real Estate)
Germany EMEA NKF Holding (Deutschland) GmbH i.L Dormant
Germany EMEA Prysmian Cable Industrial GmbH. Manufacturing or Production

Germany EMEA Norddeutshce Seekabelwerke GmbH
or Distribution;

Germany EMEA EHC Germany Gmbh
or Distribution;
Germany EMEA Prysmian PowerLink - Branch Germania Provider of services to unrelated parties
Prysmian PowerLink Services Ltd. - Branch

Greece EMEA Dormant
Grecia
Greece EMEA Prysmian PowerLink - Branch Grecia Provider of services to unrelated parties

Hungary EMEA Prysmian MKM Magyar Kabel Muvek Kft.
or Distribution
Prysmian Re Company Designated Activity

Ireland EMEA Insurance
Company
Italy EMEA Fibre Ottiche Sud - F.O.S. S.r.l. Manufacturing or Production
Italy EMEA Prysmian Treasury S.r.l. Internal Group Finance

Italy EMEA Prysmian Cavi e Sistemi Italia S.r.l.
or Distribution

Italy EMEA Prysmian Cavi e Sistemi S.r.l. Services; Holding shares or other equity
instruments

Managing Intellectual Property; Purchasing
Italy EMEA Prysmian Spa or Procurement; Administrative, Management
or Support Services; Holding Shares or Other
Equity Instruments

Italy EMEA Prysmian PowerLink or Distribution; Provider of Services to
Unrelated Parties;

Italy EMEA Electronic and Optical Sensing Solutions S.r.l
Production;
Italy EMEA Prysmian Servizi S.p.A Dormant
Prysmian Cables et Systèmes France SAS -

Lebanon EMEA Provider of services to unrelated parties
Branch Libano
Malta EMEA Prysmian Cavi e Sistemi Italia S.r.l. - Branch Malta Dormant
Montenegro EMEA Prysmian PowerLink - Branch Montenegro Provider of services to unrelated parties

Netherlands EMEA Prysmian PowerLink - Branch Netherlands Provider of services to unrelated parties

Netherlands EMEA Prysmian Netherlands B.V.
or Distribution

Netherlands EMEA Draka Holding B.V. Services; Holding shares or other equity
instruments

Netherlands EMEA Draka Comteq Fibre B.V.
Production Sales, Marketing or Distribution
Netherlands EMEA Donne Draad B.V. Dormant
Holding shares or other equity instruments;

Netherlands EMEA Draka Comteq B.V.
Managing intellectual property
Netherlands EMEA NKF Vastgoed I B.V. Holding (Real Estate)
Netherlands EMEA NKF Vastgoed III B.V. Holding (Real Estate)
Netherlands EMEA Prysmian Netherlands Holding B.V. Holding shares or other equity instruments

Norway EMEA Prysmian Group Norge AS
or Distribution
Manufacturing or Production Sales, Marketing

Oman EMEA Oman Cables Industry (SAOG)
or Distribution
Oman EMEA Oman Aluminum Processing Industries LLC Manufacturing or Production
Poland EMEA Draka Kabely s.r.o. – Branch Poland Dormant
Poland EMEA Prysmian Poland sp.z.o.o Sales, Marketing or Distribution
Portugal EMEA SILEC Cable, S.A.S. - Branch Portugal Dormant
General Cable Investments, SGPS, Sociedade

Portugal EMEA Holding shares or other equity instruments
Unipessoal, S.A.
General Cable Celcat, Energia e Manufacturing or Production; Sales, Marketing

Portugal EMEA
Telecomunicaçoes SA or Distribution
Qatar EMEA Prysmian Cavi e Sistemi S.r.l. – Branch Qatar Provider of services to unrelated parties
Qatar EMEA Prysmian PowerLink - Branch Qatar Provider of services to unrelated parties

Romania EMEA Prysmian Cabluri Si Sisteme S.A.
or Distribution

Russia EMEA Limited Liability Company Prysmian RUS

Russia EMEA Limited Liability Company Rybinskelektrokabel
or Distribution
Saudi Arabia EMEA Prysmian PowerLink - Branch Arabia Saudita Provider of services to unrelated parties
Saudi Arabia EMEA Prysmian Powerlink Saudi LLC Dormant

Slovakia EMEA Prysmian Kablo s.r.o.
or Distribution
South Africa EMEA National Cables (Pty) Ltd. Dormant
Sales, Marketing or Distribution; Provider of

South Africa EMEA Prysmian Spain SA EPC - Branch South Africa
services to unrelated parties

Prysmian Cables Spain, S.A. (Sociedad Manufacturing or Production; Sales, Marketing

Spain EMEA
Unipersonal) or Distribution
Spain EMEA Draka Holding, S.L. (Sociedad Unipersonal) Holding shares or other equity instruments
Spain EMEA GC Latin America Holdings, S.L. Holding shares or other equity instruments
Spain EMEA General Cable Holdings (Spain), S.L. Holding shares or other equity instruments
Manufacturing or Production Sales, Marketing

Spain EMEA Grupo General Cable Sistemas, S.L. or Distribution Holding shares or other equity
instruments
Spain EMEA EHC Spain & Portugal, SL Sales, Marketing or Distribution
Spain EMEA Prysmian PowerLink - Branch Spagna Provider of services to unrelated parties

Sweden EMEA Prysmian Group Sverige AB
or Distribution

Switzerland EMEA Omnisens SA
or Distribution;
Tunisia EMEA Silec Cable SAS – Branch Tunisia Provider of services to unrelated parties

Tunisia EMEA Auto Cables Tunisie S.A.
or Distribution
Tunisia EMEA Prysmian Cables and Systems Tunisia S.A. Manufacturing or Production
Prysmian Cables et Systèmes France SAS -

Tunisia EMEA Provider of services to unrelated parties
Branch Tunisia
Turkey EMEA Prysmian PowerLink - Branch Turchia Dormant

Turkey EMEA Turk Prysmian Kablo Ve Sistemleri A.S.
Production; Sales, Marketing or Distribution
Turkey EMEA Turk Prysmian –Prysmian Powerlink Adi Ortakligi Dormant

Turkey EMEA Turk Prysmian-Prysmian Po'
or Distribution;
United Arab Prysmian Cables et Systèmes France SAS -

EMEA Provider of services
Emirates Branch Abu Dhabi
United Arab
EMEA Silec Cable SAS – Branch Abu Dhabi Provider of services to unrelated parties
Emirates
United Arab
EMEA Prysmian Cavi e Sistemi S.r.l. - Branch AbuDhabi Provider of services to unrelated parties
Emirates
United Arab Prysmian PowerLink - Branch Emirati Arabi (Abu

EMEA Provider of services to unrelated parties
Emirates Dhabi)
United
EMEA Cable Makers Properties & Services Ltd. Other (organizzazione professionale)
Kingdom
United Manufacturing or Production; Sales, Marketing

EMEA Prysmian Cables & Systems Ltd.
Kingdom or Distribution
United
EMEA Prysmian Construction Company Ltd. Dormant
Kingdom
United
EMEA Comergy Ltd. Dormant
Kingdom
United
EMEA Prysmian Cables (2000) Ltd. Dormant
Kingdom

United
EMEA Prysmian Pension Scheme Trustee Ltd. Other
Kingdom
United Manufacturing or Production Sales; Marketing

EMEA Draka Comteq UK Ltd.
Kingdom or Distribution
United
EMEA Draka UK Ltd. Dormant
Kingdom
United
EMEA Prysmian UK Group Ltd. Holding shares or other equity instruments
Kingdom
United
EMEA Prysmian PowerLink Services Ltd. Provider of Services
Kingdom
United Administrative, Management or Support

EMEA EHC Escalator Handrail (UK) Limited
Kingdom Services
United
EMEA Prysmian PowerLink - Branch Uk Provider of services to unrelated parties
Kingdom
Prysmian Consultora Conductores e

Argentina LATAM Holding shares or other equity instruments
Instalaciones SAIC
Prysmian Energia Cables y Sistemas de Manufacturing or Production; Sales, Marketing

Argentina LATAM
Argentina S.A. or Distribution

Brazil LATAM Prysmian Cabos e Sistemas do Brasil S.A.
or Distribution

Brazil LATAM Draka Comteq Cabos Brasil S.A.
or Distribution

Chile LATAM Cobre Cerrillos S.A.
or Distribution

Colombia LATAM Productora de Cables Procables S.A.S.
or Distribution
Colombia LATAM SILEC Cable, S.A.S. - Branch Colombia Dormant

Costa Rica LATAM Conducen, S.R.L.
or Distribution
Dominican
LATAM General Cable Caribbean, S.R.L Dormant
Republic
Ecuador LATAM Cables Electricos Ecuatorianos C.A. CABLEC Sales, Marketing or Distribution
Proveedora de Cables y Alambres PDCA

Guatemala LATAM Dormant
Guatemala, S.A.
Honduras LATAM Electroconductores de Honduras, S.A. de C.V. Dormant
Mexico LATAM Draka Durango S. de R.L. de C.V. Manufacturing or Production
Mexico LATAM Draka Mexico Holdings S.A. de C.V. Holding shares or other equity instruments
Mexico LATAM NK Mexico Holdings S.A. de C.V. Dormant
Prysmian Cables y Sistemas de Mexico S. de R. L. Manufacturing or Production; Sales, Marketing

Mexico LATAM
de C. V. or Distribution

Mexico LATAM General Cable de Mexico, S.A de C.V.
or Distribution
General de Cable de Mexico del Norte, S.A. de

Mexico LATAM Manufacturing or Production
C.V.
Mexico LATAM Prestolite de Mexico, S.A. de C.V. Manufacturing or Production

Mexico LATAM Servicios Latinoamericanos GC, S.A. de C.V. Dormant
Mexico LATAM Prysmian Cables y Sistemas S.A. - Branch Mexico Dormant
Peru LATAM General Cable Peru S.A.C. Sales, Marketing or Distribution
Trinidad and
LATAM General Cable Trinidad Limited Dormant
Tobago

Canada NORAM Prysmian Cables and Systems Canada Ltd.
or Distribution
Canada NORAM Draka Elevator Products Incorporated Sales, Marketing or Distribution

Canada NORAM General Cable Company Ltd.
or Distribution
Canada NORAM EHC Global Inc. (Parent Company) Holding Shares or Other Equity Instruments

managing intellectual property; Manufacturing
Canada NORAM EHC Canada Inc. or Production; Sales, Marketing or Distribution;
Services
Norddeutshce Seekabelwerke GmbH – Branch

United States NORAM Provider of services to unrelated parties
US
United States NORAM Prysmian Construction Services Inc. Other services (Società di Payroll)

United States NORAM Prysmian Cables and Systems USA, LLC or Distribution; Administrative, Management or
Support Services
United States NORAM Prysmian Cables and Systems (US) Inc. Holding shares or other equity instruments

United States NORAM Draka Elevator Products, Inc.
or Distribution

United States NORAM Draka Transport USA, LLC
or Distribution

United States NORAM General Cable Corporation Services; Holding shares or other equity
instruments
General Cable Overseas Holdings, LLC (Merged

United States NORAM Holding Shares or Other Equity Instruments
during 2023)
United States NORAM General Cable Technologies Corporation Holding / managing intellectual property
United States NORAM Phelps Dodge Enfield Corporation Holding shares or other equity instruments
United States NORAM Phelps Dodge National Cables Corporation Holding shares or other equity instruments
GK Technologies, Incorporated (Merged during

United States NORAM Holding Shares or Other Equity Instruments
2023)

United States NORAM Prysmian group Speciality cables LLC
or Distribution
United States NORAM EHC USA Inc. Sales, Marketing or Distribution;
(*) They may differ from those in the scope of consolidation of the 2023 Consolidated Financial Statements because the latter do not include entities no longer in existence
as at 31 December 2023.

18. EU Taxonomy
The EU Taxonomy, introduced by EU Regulation 852/2020 (hereafter also the “Regulation” or the “Taxonomy”) and
in force since 1 January 2022, is a classification system aimed at identifying environmentally sustainable economic
activities, created with the aim of increasing the development of sustainable investments and helping to achieve the
stated goals of the European Green Deal.
Specifically, the purpose of the Taxonomy is to ensure reliability, consistency, and comparability of economic activities
that are considered sustainable to protect the investors from greenwashing, assist companies in the sustainable
transition, mitigate market fragmentation and close the sustainable investment gap.
The submitted disclosure also refers
• to Delegated Regulation 2021/2139 (hereinafter also referred to as the “Climate Delegated Regulation”), which
introduces the list of economic activities eligible for the EU Taxonomy for the first two climate objectives and the
related technical screening criteria;
• to EU Regulation 2021/2178 (hereinafter also referred to as the “Article 8 Delegated Regulation” or “Delegated
Regulation on Disclosure”);
• to EU Delegated Regulation 2022/1214 as regards economic activities in certain energy sectors, amending the
Climate Delegated Regulation and the Article 8 Delegated Regulation;
• to Delegated Regulation 2023/2485 amending EU Delegated Regulation 2021/2139 by establishing additional

technical screening criteria;
• to Regulation 2023/2486 (hereinafter also referred to as the “Regulation on remaining environmental objectives”),
supplementing EU Regulation 2020/852, and its technical screening criteria, and amending the Delegated
Regulation on article 8.
The process for determining eligibility

The EU Taxonomy defines as eligible those economic activities described in the Climate Delegated Regulation and in
the Delegated Regulation on remaining environmental objectives. In order to identify Prysmian’s eligible activities, the
activities carried out were analyzed to determine which ones could be classified as those included in the Delegated
Regulations with reference to the six environmental objectives.
Taking into account the regulatory update regarding the EU Taxonomy during 2023, the reconciliation of the activities
carried out by the Group to the activities reported in the Delegated Regulations has been partly changed from 2022. In
particular, the most notable change in activity from the previous year involved power distribution cables, which were
previously primarily associated with Activity 3.6 (Manufacture of other low carbon technologies) and, for this reporting
period, moved under the new Activity 3.20 (Manufacture, installation and maintenance of high-, medium- and low-
voltage electrical equipment for transmission and distribution of electricity), to allow for a greater adherence and
representation according to the descriptions provided by the Regulations.
Some variations in economic KPIs (Turnover, CapEx and OpEx) among the various activities are thus due to this reason.
With respect to the two climate objectives, some of the economic activities attributable to the Group’s business,
namely activities 3.1, 3.6 and 4.9, bear the same descriptions for both objectives. For this reason, they are considered
eligible for both the Mitigation and Climate change adaptation objectives.
Activities 3.18 and 3.20, introduced by Delegated Regulation 2023/2485, are only eligible for the Mitigation objective.
With regard to the remaining four environmental objectives, no activities related to the core business of Prysmian have
been identified. Finally, there are no activities associated with the fossil gas and nuclear energy sectors.

Eligible activities as described by the Regulations are described below.
Attività economiche ammissibili58
Environmental
EU Taxonomy Economic Activities Description of Prysmian’s activities
objectives
3.1
Manufacture of cables and accessories for renewable energies Mitigation
Manufacture of renewable energy
(wind and solar). and Adaptation
technologies
Manufacture of cables and accessories in the following categories,

whose characteristics allow GHG emissions to be reduced in the
sectors that use them:
• fiber optic, optical cables and fiber optic submarine cables for
3.6 the telecommunications sector;
Mitigation
Manufacture of other low carbon • PRY-CAM technology for the accurate remote measurement of
and Adaptation
technologies key system-diagnostic parameters, identifying anomalies and
overheating in real time in order to monitor and optimize energy
consumption;
• Eco Cable-labelled cables(1), the first green label in the cables
industry;
3.18
Production of automotive and mobility Manufacture of vehicle cables and accessories. Mitigation
components
3.20
Manufacture, installation and servicing
Manufacture of cables and accessories intended for power
of high-, medium- and low-voltage Mitigation
transmission and distribution.
electrical equipment for transmission
and distribution of electricity
4.9 Manufacturing, installation, and maintenance projects for high-

Mitigation
Transmission and distribution voltage onshore and submarine systems, high-voltage submarine
and Adaptation
of electricity interconnections and offshore wind farm connection systems.
(1) The Eco Cable label uses known and measurable assessment criteria for determining the contribution that Prysmian cables may make in terms of climate change
impact. More information about Eco Cable can be found in the Sustainability section of Prysmian website.
The process for determining alignment

An economic activity is defined as Taxonomy-aligned when it contributes substantially to at least one of the six
environmental objectives59, does no significant harm to the other five environmental objectives and complies with the
minimum safeguards.
Subsequent to the identification of eligible economic activities, specific analyses were carried out on the technical
criteria established by the Regulation and Annexes I and II of the Climate Delegated Regulation to verify the alignment
of each of the selected economic activities. Specifically, because the descriptions of activities 3.1, 3.6 and 4.9 coincide for
the Mitigation and Climate Change Adaptation objectives, an analysis was carried out with respect to both objectives.
With reference to the new activities60 introduced by Delegated Regulation 2023/2485, only the eligibility analysis is
mandatory for this reporting year. However, Prysmian carried out the alignment analysis for these new activities as
well, specifically for activities 3.18 and 3.20, in anticipation of future regulatory obligations.
58 In addition, certain capital expenditure has been identified as eligible when related to the purchase of products deriving from Taxonomy-aligned economic activities, or
to individual measures that enable the Group’s activities to be less carbon intensive or to reduce its GHG emissions.
Further information can be found in the “Criteria for the calculation of KPIs and background information” section.
59 Climate change mitigation, Climate change adaptation, Sustainable use and protection of water and marine resources, Transition to a circular economy, Pollution
prevention and control, Protection and restoration of biodiversity and ecosystems.
60 Activity 3.18 (Manufacture of automotive and mobility components) and Activity 3.20 (Manufacture, installation and maintenance of high-, medium- and low-voltage
electrical equipment for transmission and distribution of electricity that contribute or enable a substantial contribution to climate change mitigation).

Substantial contribution to the Climate Change Mitigation objective.
Analysis of substantial contribution for activity 3.1

Prysmian manufactures cables and accessories dedicated to the renewable energies business, in particular wind
and solar.
These types of cable therefore satisfy the substantial contribution criterion for activity 3.1.

The substantial contribution criterion for activity 3.6 requires the technology analyzed to be aimed at and demonstrate
substantial GHG emissions reduction over the life cycle, and that such reduction with respect to the best alternative
technologies/solutions/products available on the market be calculated using Commission Recommendation 2013/179/
EU (or, alternatively, standard ISO 14067:201897 or standard ISO 14064-1:2018) and checked by an independent third
party. None of the cable families covered by this activity meet the above criterion of substantial contribution.
It should be noted that, as indicated in the FAQs published by the European Commission in December 2022, the
application of the substantial contribution criterion for activity 3.6 leaves room for flexibility and is strictly dependent
on the sector/activity to which it is applied.

Requests for the substantial contribution for activity 3.18 set out that the components are for road passenger vehicles,
category M161, M262 and M363, whose direct CO2 emissions (from exhaust) are zero.
The Group therefore considered the substantial contribution verified only for cables exclusively for vehicles that
produce zero CO2 emissions.

The substantial contribution related to Activity 3.20 requires that the activity consists of the manufacture, installation
or maintenance of current-carrying cabling products and equipment for power transmission and distribution,
intended for cabling electrical circuits and transformers provided that such equipment and transformers contribute
to increasing the share of renewable energy in the system or improve energy efficiency.
It is important to highlight that the cables under this activity, intended for power transmission and distribution, improve
energy efficiency by definition, as they are used both to replace cables and systems that are now outdated, thus
enabling any power losses to be reduced, and to strengthen the high-, medium- and low-voltage networks needed to
connect the new, mostly renewable, installed capacity in the countries where the Group operates.
The substantial contribution of this activity also specifies elements of non-compliance, for example, where equipment
is directly used to connect or strengthen the connection to a power plant with a greenhouse gas intensity greater than
100 g CO2eq/kWh measured on a life cycle basis.
This requirement leads to critical information retrieval issues due to the peculiarities of operation of the various target
markets, which in most cases are based on frame agreements for standard products with predefined purchase
volumes and the installation of which is not managed by the Group. Therefore, a precautionary approach was adopted
for the purpose of its verification that could best reflect the current developments in the efficiency process of the
power distribution sector in each country.
The approach adopted was then to calculate the percentage of new renewable installed capacity compared to total
new installed capacity for each country in which Prysmian operates by extracting data from the database available on
the IRENA website. Then sales revenues were considered proportionally to the average between the percentages of
new renewable capacity installed and the total in the last two available years (2021 and 2022), for each country.
Furthermore, in the event that the Group has evidence of the use of cables for connecting or strengthening the
connection of a non-renewable source, such revenues will be considered to be unaligned and therefore excluded from
the methodology described above.

As required by the substantial contribution criterion of the Climate Delegated Regulation, consideration is only given
to projects that include the production and installation of cables and systems for the transmission and distribution of
electricity.
In particular, the criterion is deemed satisfied for all projects that envisage installation of the infrastructure in the
interconnected European system, as required by point 1)a) of the substantial contribution criterion specified in the
Climate Delegated Regulation for activity 4.9.
61 Vehicles with no more than 8 seats, excluding the driver’s seat

62 Vehicles with more than 8 seats, excluding the driver’s seat, and weighing not more than 5 tons
63 Vehicles with more than 8 seats, excluding the driver’s seat, and weighing more than 5 tons

On the other hand, for projects developed in non-European countries, conformity is checked via point 1) c) of the
substantial contribution criterion of the above Regulation. Only projects that respect the above criteria comply with
the substantial contribution criterion for activity 4.9.
It must be noted that the analysis of the substantial contribution criterion was not affected by the update of this
requirement within the Delegated Regulation 2023/2485 with respect to economic activity 4.9, as the amended
paragraph is not applicable to Prysmian’s business.
Substantial contribution to the Climate Change Adaptation objective
Analysis of substantial contribution for activity 3.1, 3.6, 4.9

The substantial contribution criteria set forth in the Climate Change Adaptation objective are the same for activities
3.1, 3.6 and 4.9. For these activities, it is possible to say that physical and non-physical solutions (“adaptation solutions”)
have been identified as substantially reducing the most important physical climate risks weighing on the activity
(for more details about the identification of physical risks and climate risk and vulnerability assessment, refer to the
paragraph “Climate Change Adaptation” in this section). However, such solutions have not yet been implemented
or there is no possibility to accurately identify the value of economic KPIs associated with them (i.e. turnover, CapEx,
OpEx).
Therefore, it was not possible to consider these activities as aligned with the Adaptation objective.
It should also be pointed out that for activities 3.1 and 3.6 there is no DNSH for the Climate Change Mitigation objective,
while for activity 4.9, although it was indicated, it was not verified due to the failure to meet the substantial contribution
requirement.
Compliance with DNSH criteria requiring no significant harm be done to the other 5 environmental objectives
Compliance with the DNSH (Do No Significant Harm) criteria was verified using a top-down approach. The analysis
started at Group level, followed by more in-depth work and specific requests at business line, geographical segment
and plant level, as well as with regard to individual activities where necessary, in order to identify and isolate potential
areas of non-conformity using a consistent and uniform approach.
Climate Change Adaptation

The DNSH criterion regarding climate change adaptation is the same for activities 3.1, 3.6, 3.18, 3.20 and 4.9, requiring
conformity with Appendix A of Delegated Regulation 2021/2139, which calls for a sound climate risks and vulnerabilities
assessment, as well as adaptation solutions. Prysmian has devised an enterprise risk management (ERM) plan, applying
models and best practices recognized at an international level, that also assesses climate risks, opportunities and the
related actions.
As in the prior year, a careful analysis of climate change and energy transition matters was also carried out in 2023. This
analysis is described in the TCFD Report published by the Group.
In particular, the climate risks/opportunities considered significant for Prysmian have been identified from among
those contained in Appendix A of Delegated Regulation 2021/2139. In order to determine the impacts associated with
those risks/opportunities, a climate scenario analysis was developed (starting from an optimistic scenario, before
considering the worst case) over a 10-year time horizon.
The procedures adopted for the management of climate risks include the implementation of mitigation and adaptation
solutions that seek to limit the impact of the risks identified and ensure business continuity. These solutions include
constant monitoring of the more significant risks, the preparation of preventive actions and measures capable of
managing sudden or unexpected events.
This approach developed by the Group is deemed to satisfy the requirements of the DNSH criteria to climate change
adaptation.
Sustainable use and protection of water and marine resources

Regarding the goal of Sustainable use and protection of water and marine resources, verification of compliance with
Appendix B of the Climate Delegated Regulation is required. This verification was carried out with respect to production
facilities and related procedures, certifications and assessments related to activities 3.1, 3.6, 3.18, and 3.20, as there is no
DNSH criterion for activity 4.9 regarding this environmental objective.
98% of Group factories hold ISO 14001 certification for their environmental management systems, through which
the sustainable use and protection of water and marine resource are guaranteed and monitored. Mapping the sites
showed that no more than 12% of the sites are located close to the sea (i.e., within 2 km), and that sites located close to
the sea that could pose a potential hazard to the marine environment are about 5%. For these sites, the assessment of
environmental aspects and impacts, performed through the HSE Management System, enabled the implementation
of measures to prevent and protect various environmental aspects, including water and in particular surface and
marine water. Furthermore, in addition to compliance with legal requirements and the requirements of specific

Environmental Permits, the sites involved implement a monitoring and control plan, which in many cases is subject to
periodic verification by the relevant authorities.
The commitment of the organization to preventing and managing the potential negative impacts on water resources
is reiterated in specific policies for the water management plans and confirmed by completion of the CDP Water
Security Questionnaire.
The DNSH criterion relating to the sustainable use and protection of water and marine resources is therefore deemed
satisfied for all activities to which it applies (3.1, 3.6, 3.18 and 3.20).
Further information about how the Group manages its water resources is presented in the “Water” paragraph of the
“Our environmental responsibility” section.
Transition to a circular economy

For activities 3.1, 3.6, 3.18 and 3.20, techniques that facilitate the circular economy must be implemented, from the
product design phase to waste management.
Prysmian has developed internal procedures for the selection of materials and raw materials, the traceability of
substances throughout the production process and the management of environmental impacts. In addition, policies
are implemented at production plant level for the proper collection and disposal of waste in accordance with Group
best practices and the regulatory requirements of the country concerned. For more information about the projects and
research carried out to facilitate the transition to a circular economy, see “Circularity” paragraph of “Our environmental
responsibility” section in this document.
With regard to activity 4.9, a waste management plan must guarantee maximum reuse or recycling at the end of the
life cycle. The Group has developed a waste management plan that, for the projects analyzed and included in activity
4.9, ensures a high level of recycling and reuse during manufacturing and installation phases. Further information
about the waste generated, as well as its recycling and disposal, is provided in the “Waste” paragraph of the “Our
environmental responsibility” section.
For the five economic activities indicated above, the techniques, analyses, procedures and management systems
adopted by the Group are deemed compliant with the DNSH requirements for the transition to a circular economy.
Pollution prevention and control

The criteria in Appendix C of Delegated Regulation 2021/2139 were amended with the publication of Delegated
Regulation 2023/2485. Specifically, criterion f)64 was updated, while criterion g) set out in the previous Delegated
Regulation was removed and replaced by an additional section65. Therefore, the requirements specified in Appendix
C state that economic activities 3.1, 3.6, 3.18 and 3.20 do not lead to the manufacture, marketing or use of any of the
chemical substances listed in specific European Regulations and Directives referred to in the Appendix. Prysmian
was able to verify all reported criteria in a timely manner (letters a66,b67,c68,d69,e70,f). It is also specified that although
verification of the additional paragraph will become mandatory starting from the reports published in 2025, Prysmian
has chosen to verify compliance as early as this year.
The analysis was carried out first at the central level and then at the level of individual production facilities and individual
material codes through the sharing of detailed questionnaires reporting the totality of the substances to be verified,
with the aim of isolating and excluding from the scope of alignment those cables containing one or more of the
chemicals included in the relevant Regulations and Directives.
Despite the complexity generated by the requirements set out in Appendix C, Prysmian has undertaken to identify
all the expected substances and has manually verified their presence in its production processes and final products.
In order to facilitate and automate substance verification activities as much as possible, the Group will consider in the
near future the introduction of possible IT solutions and systems to support these activities.
64 substances, either in their pure state or within mixtures or articles, in concentrations greater than 0.1% W/W, which meet the criteria of Article 57 of EC Regulation no.
1907/2006, which have been identified in accordance with Article 59, section 1, of that Regulation for a period of at least 18 months, unless operators assess and document that
no other suitable alternative substance or technology is available on the market, and that they are used under controlled conditions.
65 the activity does not involve the manufacture, the presence in the final product or result, or the placing on the market of other substances, either in their pure state or
within mixtures or articles, in concentrations greater than 0.1% W/W, that meet the criteria of Regulation (EC) No. 1272/2008 for any of the hazard classes or categories of hazard
listed in Article 57 of Regulation (EC) No. 1907/2006, unless operators have assessed and documented that no other suitable alternative substance or technology is available
on the market, and that they are used under controlled conditions.
66 substances, either in their pure state or within mixtures or articles, listed in Annex I or II of Regulation (EU) 2019/1021 of the European Parliament and of the Council, except
in the case of substances present as unintentional trace contaminants.
67 mercury, mercury compounds, mercury mixtures, and products with added mercury, as defined in Article 2 of Regulation (EU) 2017/852 of the European Parliament and
of the Council.
68 substances, either in their pure state or within mixtures or articles, listed in Annex I or II of Regulation (EC) No. 1005/2009 of the European Parliament and the Council.
69 substances, whether in their pure state or within mixtures or articles, listed in Annex II of Directive 2011/65/EU of the European Parliament and of the Council, except
where full compliance with Article 4, section1, of that Directive is ensured.
70 substances, either in their pure state or within mixtures or an article, listed in Annex XVII of Regulation (EC) No. 1907/2006 of the European Parliament and of the Council,
except when full compliance with the conditions set out in that Annex is ensured.

Analyses of those activities 3.1, 3.18 and 3.20 that satisfy the substantial contribution criterion found that the majority
of the cables and accessories analyzed met the requirements and that Substances of Very High Concern (“SVHC”),
identified in criterion f), were only found in a limited number of cases. In addition, some cable families were found to
have other substances included in the list of substances required in the additional section.
As regards metallic lead, which in some cases is used in the production of submarine cables, it has been demonstrated
that there are currently no suitable alternative substances available in the market to replace it, therefore, as provided
for in point f) and the following paragraph, cables containing this substance, and based on such exception, can be
considered compliant.
Accordingly, satisfaction of the DNSH criterion relating to the pollution prevention and control was not verified for the
cables identified as containing one or more of the substances listed by the EU Commission, except as mentioned in
the previous paragraph.
With regard to activity 4.9, eligible projects are limited solely to those involving underground or submarine cables;
accordingly, the DNSH requirements referring to the over-ground lines are not applicable. In addition, no polychlorinated
biphenyls (PCBs) are used.
As a result, activity 4.9 is deemed compliant with the DNSH criterion for the pollution prevention and control.
Protection and restoration of biodiversity and ecosystems

The DNSH criterion refers to Appendix D of the Climate Delegated Regulation, which requires the impact of economic
activities on biodiversity and ecosystems to be considered.
At manufacturing plant level (activities 3.1, 3.6, 3.18 and 3.20), for the purposes of conformity with the criterion and in
view of their proximity to highly sensitive areas, positive consideration was given to the environmental management
systems implemented to mitigate potential adverse effects, as indicated for the DNSH criterion relating to the
sustainable use of water.
The eligible projects included in activity 4.9 were subjected to specific Environmental Impact Assessments and were
found to be compliant with Appendix D. Specifically, environmental action plans were prepared in accordance with the
relevant legislation (both local and international) for all projects deemed eligible, in order to protect the biodiversity of
the animal and plant species affected by the Group’s activities and infrastructure. Where necessary, or as agreed with
the local authorities, Prysmian plants participate in the protection and restoration of the areas concerned.
In all cases, whether regarding manufacturing plants or individual projects considered eligible, the environmental
assessments were carried out in compliance with the regulations in force in the territories concerned.
In addition, the Group has begun a process of mapping areas of environmental concern in order to create an updated
database of the main characteristics and any critical issues of each of them. This initiative is part of a project to increase
the importance of biodiversity issues in the risk management system.
Further details about the impact of Prysmian on biodiversity is presented in the “Biodiversity” paragraph in the
“Environmental responsibility” section.
The requirements of this criterion are therefore considered to be satisfied by both as regards the manufacturing sector
activities (3.1, 3.6, 3.18 and 3.20) and the energy sector activities (4.9).
Minimum Safeguards
Regarding compliance with art. 3.c) of Regulation 2020/852, the Group analyzed conformity with the minimum
safeguard standards relating to human rights and workers’ rights, corruption, taxation and fair competition.
The assessment considered the design of the Group’s processes and their adequacy in identifying and preventing
possible negative impacts, as well as their compliance with the principles and the effectiveness with which any events
were managed by recourse to corrective actions.
In the absence of further clarification from the European Commission regarding compliance with minimum safeguards,
the Group has taken into consideration the guidelines presented in the “Final Report on Minimum Safeguards”
published by the Platform on Sustainable Finance in October 2022. Furthermore, in the FAQs published in June 202371,
the European Commission identified a connection between the minimum safeguards of the Taxonomy and the «do
no significant harm» principle of the SFDR (Sustainable Financial Disclosure Regulation).
71 Communication on the interpretation and implementation of certain legal provisions under the EU Taxonomy Regulation and links with the Sustainable Finance
Disclosure Regulation (2023/C 211/01)

Accordingly, this connection involves compliance with PAI (Principal Adverse Impact) indicators with respect to social
and personnel issues, respect for human rights and issues related to anti-corruption and anti-bribery. This introduces
the possibility of adding some indicators to the minimum safeguards. They include:
• the unadjusted gender pay gap;

• gender diversity in the BoD;
• exposure to controversial weapons (landmines, cluster munitions, chemical weapons and biological weapons).
Regarding the first indicator, please refer to the “Diversity and Equal Opportunity” section, and for the second indicator
to the “Corporate Bodies” paragraph in the “Governance and Management of Risks and Opportunities” section.
Finally, Prysmian is not known to be involved in the manufacture or sale of controversial weapons.
Human rights, including those of workers
In the context of responsible business conduct in terms of human rights, the commitments made by Prysmian are
embodied in the Code of Ethics and the Human Rights Policy. In order to guarantee respect for that principle throughout
the entire supply chain and within the organization, the Group implements a system of regular due diligence covering
its suppliers. This system maps the risk throughout the supply chain by analyzing the risk factors attributable to three
macro areas: sustainability and management systems; environmental criteria; human and workers’ rights. Based on
the results obtained, the Group arranges for a third party to carry out specific audits of critical suppliers. From 2017 –
the year of process implementation – to 2022, 32 audits were carried out, exceeding the target set at 30; during 2023, 7
additional audits were performed. The Group also participates in specific human rights initiatives addressing business-
related topics, such as the Responsible Mica Initiative (RMI).
Taxation
The Group is committed to the management of taxation, both at Parent Company level and in each tax jurisdiction.
Prysmian has developed a tax strategy founded on transparency and cooperation with the tax authorities and third
parties, in order to minimize the substantial impacts of any tax and reputational risks. This strategy represents a
fundamental element of its Tax Control Framework (TCF), the system for monitoring and managing tax risks already
applied by the Italian companies in the Group. In addition to the tax strategy, Prysmian has developed policies (such
as the Transfer Price Policy), tax notes and training courses on the subject. Further information is presented in the “The
Group’s tax strategy” section of this document.
Fair competition
Prysmian delivers adequate training on the subject of fair competition, in order to increase awareness among those
who work in the name and on behalf of the Group and ensure compliance with the rules safeguarding competition.
For more details, please refer to the mitigation actions adopted for “Antitrust Non-compliance Risk” in the “Ethics and
Integrity” section of this document.
Anti-corruption
The procedures adopted by Prysmian to mitigate the risk of corruption include the application of an ISO37001-
certified anti-corruption management system, an anti-corruption policy and Third Party Program and Process,
Gifts & Entertainment and Conflicts of Interest procedures, regarding which periodic employee training is provided.
During 2023, in addition to updating the above policies, a policy regarding the management of relations with the
public administration was introduced. With regard to respect for the principle throughout the supply chain, in
addition to the Code of Ethics that must be accepted by each supplier, the Group implements the system of due
diligence described above in relation to “Human rights, including those of workers”, in which corruption risk factors
are also taken into account.
Disputes
As identified in the assessments detailed above, Prysmian has not been definitively convicted of labor law, human
rights or corruption violations and has not been involved in any cases reviewed by an OECD National Contact Point
(NCP), or interrogated by the Business and Human Rights Resource Center (BHRRC). On the subject of taxation, the
Group was not ordered to pay significant penalties by the tax authorities of the various countries in which it operates.
The Group has been in the past and still is involved in antitrust investigations and disputes promoted by third parties,
consequent to and/or connected with decisions adopted by certain competition authorities, the details of which
are outlined in the note on Provisions for risks and charges in the Explanatory Notes to the Consolidated Financial
Statements. Following these investigations and disputes, the Group has implemented a series of internal controls,
described in “Fair competition” paragraph, to reduce the probability of infringements in this area.
Consistent with the requirements of art. 3.c) of Regulation 2020/852, Prysmian therefore carries out its economic
activities in compliance with the specified minimum safeguards.

Criteria for the calculation of KPIs and background
information
The key performance indicators (KPIs) specified in the Taxonomy cover Turnover, Capital Expenditure (CapEx) and
Operating Expenditure (OpEx).
The indicators are presented in the templates provided in Annex V of Delegated Regulation 2023/2486 amending
Delegated Regulation 2021/2178, as well as in the templates included in the EU Delegated Regulation 2022/1214
regarding economic activities in certain energy sectors (i.e. gas and nuclear).
The proportion of Prysmian’s taxonomy-eligible and -aligned economic activities was calculated with respect to
Turnover, CapEx and OpEx in accordance with legal requirements and the accounting criteria specified in Annex I of
the Art. 8 of Delegated Regulation and Annex V of Delegated Regulation 2023/2486.
Turnover
Definition and reconciliation

The taxonomy-eligible/aligned turnover reflects the ratio of net revenues deriving from eligible/aligned activities
(numerator) to total net revenues (denominator).
The denominator of the Turnover KPI makes reference to the “revenues” caption of the Consolidated Income
Statement as ta 31.12.2023, as consolidated in accordance with IAS 1.82(a). For more information, see the
consolidated accounting schedules contained in the Annual Financial Statement of the Group, as well as the
section on Accounting Policies.
Allocation
The numerator of the Turnover KPI consists of the net revenues associated with the Group products linked to eligible/
aligned activities. The allocation of net revenues to the numerator was made possible by the Group’s highly-detailed
management and financial accounting system.
The system made it possible to identify eligible/aligned projects precisely and reconcile them with the activities
concerned, thus making the adoption of estimates unnecessary.
Other background information

The revenues indicated on the numerator are all linked to contracts with customers. No changes in the composition
and reconciliation of revenues from 2022 are to be reported.
CapEx

The Taxonomy-eligible/aligned capital expenditure (CapEx) reflects the ratio of CapEx deriving from eligible/aligned
activities (numerator) to total CapEx (denominator).
In particular, the denominator of the CapEx KPI comprises the increases in tangible and intangible assets during
the year before depreciation, amortization, write-downs and write-backs, including those deriving from business
combinations. Total CapEx can be reconciled with the 2023 Consolidated Financial Statements of the Group by
reference to “Gross Capital Expenditure”.
The eligible/aligned portion of CapEx includes:
• capital expenditure relating to assets or processes associated with taxonomy-eligible/aligned economic activities
(category a.) pursuant to section 1.1.2.2. Annex I Delegated Regulation art. 8);
• capital expenditure that is part of a plan (“CapEx plan”) intended to expand taxonomy-aligned economic activities
or enable taxonomy-eligible economic activities to become aligned (category b.) pursuant to section 1.1.2.2. Annex
I Delegated Regulation art. 8);
• capital expenditure relating to the purchase of products deriving from taxonomy-eligible economic activities, as
well as to individual measures that enable the Group’s activities to be less carbon intensive or to reduce its GHG
emissions (category c.) pursuant to section 1.1.2.2. Annex I Delegated Regulation art. 8).
Allocation
The capital expenditure on assets or processes associated with taxonomy-eligible/aligned manufacturing economic
activities was allocated after a precise analysis of each expenditure caption, using the classification adopted when
consolidating the Group’s investments. In particular, when calculating eligibility, Prysmian referenced the activities
identified as eligible when allocating turnover to the associated families of investments.
On the other hand, when calculating alignment, a detailed analysis of each cost item was carried out to identify those
associated with aligned activities. Regarding economic activities 3.1 and 3.20, a timely allocation of expenditures
related to the sites responsible for these activities was carried out. In the case of sites where both taxonomy-eligible
and/or aligned and/or non-aligned economic activities are carried out, the portion of CapEx was calculated with
reference to the sales of the site, considering the ratio of taxonomy-eligible/aligned sales to the total sales of the

site. This allocation methodology represents a refinement of the calculation that improves the transparency and
meaningfulness of the CapEx KPI.

Capital expenditures included in a CapEx plan concern the amount of about Euro 590 million for the construction of
new cable-laying vessels. This will expand the alignment of activity 4.9 “Electricity transmission and distribution”, thus
contributing to the achievement of the “Climate Change Mitigation” objective. Specifically, these vessels will be used
from 2025 on projects involving the installation of power transmission cables to connect the power grid to offshore
wind farms. Capital expenditure relating to the purchase of products deriving from taxonomy-eligible economic
activities and individual measures that enable the Group’s activities to achieve low carbon emissions or greenhouse
gas reductions are implemented and made operational within 18 months from their recognition in the financial
statements and are attributable to economic activities 7.3 Installation, maintenance and repair of energy efficiency
devices, 7.4 Installation, maintenance and repair of electric vehicle charging stations in buildings (and in parking
spaces appurtenant to buildings) and 7.6 Installation, maintenance and repair of renewable energy technologies. In
order to avoid double counting, any capital expenditure identified in category c, pursuant to section 1.1.2.2. Annex I of
the Delegated Regulation under art. 8, also associated with capital expenditure included in the denominator relating
to assets or processes associated with taxonomy-eligible/aligned economic activities (category a.) pursuant to section
1.1.2.2. Annex I of the Delegated Regulation under art. 8) were included in the latter category.
The capital expenditure associated with the above economic activities is treated solely as eligible. In fact, the Group,
in part because of the amount of expenses involved and the timeframe that would be required for further verification
with suppliers, did not proceed with the alignment analysis.
Consistent with the requirements of the art. 8 of the Delegated Regulation, the Group provides below the amounts
included in the numerator of the alignment KPI.
Quantitative breakdown by economic activity of the amounts included in the numerator of the alignment KPI (Euro mln)
Increases in property, plant Increases in internally

Assets Of which part of a CapEx plan
and equipment generated intangible assets
3.1 4 -
3.6 - -
3.18 - -
3.20 30 5
4.9 353 6 168
Note that during the year there were no increases to assets resulting from business combinations.
OpEx

The Taxonomy-eligible/aligned operating expenses (OpEx) reflect the proportion of eligible/aligned OpEx included
in the non-capitalized direct costs incurred on R&D, short-term rentals, maintenance and repairs, and the cost of
personnel dedicated to the internal maintenance of plant and equipment with respect to the total OpEx of those
categories.
Allocation
In order to ensure a linear process and avoid the risk of double counting, operating expenses were deemed eligible/
aligned if they related directly to taxonomy-eligible/aligned economic activities. Where the direct allocation of
operating expenses was not possible, the eligible/aligned portion was calculated with reference to the corresponding
percentage of turnover.

Consistent with the art. 8 of Delegated Regulation, the amounts included in the numerator of the alignment KPI are
detailed below by type of cost.

Quantitative breakdown of the amounts included in the numerator of the alignment KPI
OpEx (mEUR)
R&D costs 34
Short-term leases 20
Maintenance and repair 53
Other direct expenditure on the routine maintenance of property, plant and equipment 30
Total 137
Commentary on performance trend and future

developments
The introduction in the EU Taxonomy of the new activity 3.20 (Manufacture, installation and servicing of high-, medium-
and low-voltage electrical equipment for the transmission and distribution of electric power), which is particularly
representative of Prysmian’s business, and 3.18 (Production of automotive and mobility components) has made it
possible to consider power distribution cables and automotive cables, respectively, entirely within the scope.
The percentage of Taxonomy-aligned Turnover increased significantly, from 11.4% in 2022 to 28.8% in 2023. This
increase mainly reflects the effect of the introduction of new activity 3.20, as well as the positive contribution of aligned
investments made in the previous year in the power transmission business.
The share of Taxonomy-aligned CapEx increased from 41.9% in 2022 to 64.1% in 2023, confirming Prysmian’s increasing
focus on the strategic power transmission business.
Turnover CapEx OpEx
84.1%
72.6%
64.9% 64.1% 65.5%
41.2% 41.9%
39.8%
28.8% 29.5%
11.4% 13.0%
2022 2023 2022 2023 2022 2023
Eligible Aligned
Prysmian has chosen to adopt a transparent and conservative approach, interpreting the requirements of the
Regulation as strictly as possible. The company has continuously monitored European Commission publications
and the interpretations and guidance provided by the Platform on Sustainable Finance, and has also participated in
working tables and discussions with other industry players, particularly within Europacable.
To date, the EU Taxonomy remains a recent and evolving regulation; therefore, further updates and more guidance
on the interpretation and applicability of technical screening criteria can be expected for future reporting years, which
could also significantly impact the eligibility and alignment results of the Group’s activities.

Table A - Turnover
DNSH
Financial year N 2023 Substantial contribution criteria
(“do no significant harm”) criteria
Taxonomy-aligned (A.1) or eligible (A.2) portion
Category (transition activity)

Category (enabling activity)
Climate change adaptation

Climate change mitigation

Portion of turnover, year N
Economic activities
Minimum safeguards
of turnover, year N-1

Code(1)
Circular economy
Circular economy
Biodiversity
Biodiversity
Pollution
Pollution
Turnover
Water
Water
Yes; No;
Yes; No;
Yes; No;
Yes; No;
Yes; No;
Yes; No;
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
EUR M
N/EL(2)
N/EL
N/EL
N/EL
N/EL
N/EL
%
T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
Manufacture of
renewable energy CCM 3.1 493 3.2% Yes No N/EL N/EL N/EL N/EL Yes Yes Yes Yes Yes Yes Yes 4.1% E
technologies
Manufacture of
other low carbon CCM 3.6 0 0.0% No No N/EL N/EL N/EL N/EL No No No No No No No 0.3% E
technologies
Production of
automotive
CCM 3.18 21 0.1% Yes No N/EL N/EL N/EL N/EL Yes Yes Yes Yes Yes Yes Yes N/A E
and mobility
components
Manufacture,
installation and
servicing of high-,
medium- and low-
voltage electrical CCM 3.20 2,254 14.7% Yes No N/EL N/EL N/EL N/EL Yes Yes Yes Yes Yes Yes Yes N/A E
equipment for
transmission and
distribution of
electricity
Transmission and
distribution of CCM 4.9 1,647 10.7% Yes No N/EL N/EL N/EL N/EL Yes Yes Yes Yes Yes Yes Yes 7.0% E
electricity
Turnover of environmentally
sustainable activities 4,415 28.8% 28.8% 0% 0% 0% 0% 0% Yes Yes Yes Yes Yes Yes Yes 11.4%
(Taxonomy-aligned) (A.1)
Of which enabling 4,415 28.8% 28.8% 0% 0% 0% 0% 0% Yes Yes Yes Yes Yes Yes Yes 11.4% E
Of which transition 0 0.0% 0.0% Yes Yes Yes Yes Yes Yes Yes 0.0% T
A.2 Taxonomy-eligible but not environmentally sustainable activities (not Taxonomy-aligned activities)
Manufacture of
CCM 3.1
renewable energy 177 1.2% EL EL N/EL N/EL N/EL N/EL 0.9%
CCA 3.1
technologies
Manufacture of
CCM 3.6
other low carbon 3,410 22.2% EL EL N/EL N/EL N/EL N/EL 25.6%
CCA 3.6
technologies
Production of
automotive
CCM 3.18 668 4.4% EL N/EL N/EL N/EL N/EL N/EL N/A
and mobility
components
(1) climate change mitigation: CCM; climate change adaptation: CCA; water and marine resources: WTR; circular economy: CE; pollution prevention and control: PPC;
biodiversity and ecosystems: BIO.
(2) Yes – Activity is taxonomy-eligible and taxonomy-aligned with respect to the relevant environmental objective; No – Activity is taxonomy-eligible but not taxonomy-
aligned with respect to the relevant environmental objective; N/EL – Not eligible; activity is not taxonomy-eligible for the relevant objective; EL – Activity taxonomy-eligible for
the relevant objective.

DNSH
(“do no significant harm”) criteria



Portion of turnover, year N
Economic activities
Minimum safeguards
of turnover, year N-1

Code(1)
Circular economy
Circular economy
Biodiversity
Biodiversity
Pollution
Pollution
Turnover
Water
Water
Yes; No;
Yes; No;
Yes; No;
Yes; No;
Yes; No;
Yes; No;
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
EUR M
N/EL(2)
N/EL
N/EL
N/EL
N/EL
N/EL
%
T
Manufacture,
installation and
servicing of high-,
medium- and low-
voltage electrical CCM 3.20 1,289 8.4% EL N/EL N/EL N/EL N/EL N/EL N/A
equipment for
transmission and
distribution of
electricity
Transmission and
CCM 4.9
distribution of 0 0.0% EL EL N/EL N/EL N/EL N/EL 3.3%
CCA 4.9
electricity
Turnover of taxonomy-
eligible but not environ
mentally sustainable 5,543 36.1% 36.1% 0% 0% 0% 0% 29.8%
activities (not taxonomy-
aligned activities) (A.2)
A. Turnover of taxonomy-
9,959 64.9% 64.9% 0% 0% 0% 0% 41.2%
eligible activities (A.1 + A.2)
B. NOT TAXONOMY-ELIGIBLE ACTIVITIES
Turnover of not taxonomy-
5,395 35.1%
eligible activities
TOTAL 15,354 100%
Portion of turnover/Total turnover

Taxonomy-aligned for Taxonomy-eligible for
objective objective
CCM 28.8% 64.9%
CCA 0.0% 37.3%
WTR 0.0% 0.0%
CE 0.0% 0.0%
PPC 0.0% 0.0%
BIO 0.0% 0.0%

Table B - CapEx
DNSH (“do no significant harm”)
criteria

Garanzie minime di salvaguardia

Yes; No; N/EL Climate change adaptation


Economic activities
Portion of CapEx, year N

Code(1)
Yes; No; N/EL Circular economy
Circular economy
of CapEx, year N-1

Yes; No; N/EL Biodiversity
Biodiversity
Yes; No; N/EL Pollution
Pollution
CapEx
Yes; No; N/EL Water
Water
Yes; No;
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
N/EL(2)
EUR
M
T
Manufacture of
technologies
Production of
automotive
and mobility
components
Manufacture,
installation and
servicing of high-,
medium- and low-
voltage electrical CCM 3.20 35 5.6% Yes No N/EL N/EL N/EL N/EL Yes Yes Yes Yes Yes Yes Yes N/A E
equipment for
transmission and
distribution of
electricity
Transmission and
distribution of CCM 4.9 359 57.6% Yes No N/EL N/EL N/EL N/EL Yes Yes Yes Yes Yes Yes Yes 41.3% E
electricity
CapEx of environmentally
sustainable activities 400 64.1% 64,1% 0,0% 0,0% 0,0% 0,0% 0,0% Yes Yes Yes Yes Yes Yes Yes 41.9%
Of which enabling 400 64.1% 64,1% 0,0% 0,0% 0,0% 0,0% 0,0% Yes Yes Yes Yes Yes Yes Yes 41.9% E
Of which transition 0 0.0% 0,0% Yes Yes Yes Yes Yes Yes Yes 0.0% T
Manufacture of
CCM 3.1
renewable energy 1 0.1% EL EL N/EL N/EL N/EL N/EL 3.7%
CCA 3.1
technologies
Manufacture of
CCM 3.6
other low carbon 73 11.6% EL EL N/EL N/EL N/EL N/EL 21.5%
CCA 3.6
technologies
Production of
automotive
CCM 3.18 3 0.5% EL N/EL N/EL N/EL N/EL N/EL N/A
and mobility
components
Manufacture,
installation and
servicing of high-,
medium- and low-
voltage electrical CCM 3.20 11 1.7% EL N/EL N/EL N/EL N/EL N/EL N/A
equipment for
transmission and
distribution of
electricity
Transmission and
CCM 4.9
CCA 4.9
electricity

criteria

Garanzie minime di salvaguardia

Yes; No; N/EL Climate change adaptation


Economic activities
Portion of CapEx, year N

Code(1)
Yes; No; N/EL Circular economy
Circular economy
of CapEx, year N-1

Yes; No; N/EL Biodiversity
Biodiversity
Yes; No; N/EL Pollution
Pollution
CapEx
Yes; No; N/EL Water
Water
Yes; No;
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
N/EL(2)
EUR
M
T
Installation,
maintenance and
CCM 7.3 1 0.2% EL N/EL N/EL N/EL N/EL N/EL 0.1%
repair of energy
efficiency devices
Installation,
maintenance
and repair of
electric vehicle
charging stations CCM 7.4 1 0.1% EL N/EL N/EL N/EL N/EL N/EL N/A
in buildings (and
in parking spaces
appurtenant to
buildings)
Installation,
maintenance
and repair of CCM 7.6 1 0.2% EL N/EL N/EL N/EL N/EL N/EL N/A
renewable energy
technologies
CapEx of taxonomy-eligible
but not environmentally
sustainable activities (not 125 20.0% 20.0% 0.0% 0.0% 0.0% 0.0% 30.7%
taxonomy-aligned activities)
(A.2)
A. CapEx of taxonomy-
525 84.1% 84.1% 0.0% 0.0% 0.0% 0.0% 72.6%
eligible activities (A.1 + A.2)
CapEx of not taxonomy-
99 15.9%
eligible activities
TOTAL 624 100%
Portion of CapEx/Total CapEx

objective objective
CCM 64.1% 84.1%
CCA 0.0% 75.8%
WTR 0.0% 0.0%
CE 0.0% 0.0%
PPC 0.0% 0.0%
BIO 0.0% 0.0%

Table C - OpEx
criteria



Economic activities
Portion of OpEx, year N
Minimum safeguards
Code(1)
Circular economy
Circular economy
of OpEx, year N-1

Biodiversity
Biodiversity
Pollution
Pollution
Water
Water
OpEx
Yes; No;
Yes; No;
Yes; No;
Yes; No;
Yes; No;
Yes; No;
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
N/EL(2)
N/EL
N/EL
N/EL
N/EL
N/EL
EUR
M
T

Manufacture of
technologies
Manufacture of
other low carbon CCM 3.6 0 0.0% No No N/EL N/EL N/EL N/EL No No No No No No No 0.3% E
technologies
Production of
automotive
and mobility
components
Manufacture,
installation and
servicing of high-,
medium- and low-
voltage electrical CCM 3.20 63 13.6% Yes No N/EL N/EL N/EL N/EL Yes Yes Yes Yes Yes Yes Yes N/A E
equipment for
transmission and
distribution of
electricity
Transmission and
distribution of CCM 4.9 58 12.6% Yes No N/EL N/EL N/EL N/EL Yes Yes Yes Yes Yes Yes Yes 8.8% E
electricity
OpEx of environmentally
sustainable activities 137 29.5% 29.5% 0.0% 0.0% 0.0% 0.0% 0.0% Yes Yes Yes Yes Yes Yes Yes 13.0%
Of which enabling 137 29.5% 29.5% 0.0% 0.0% 0.0% 0.0% 0.0% Yes Yes Yes Yes Yes Yes Yes 13.0% E
Of which transition 0 0.0% 0.0% Yes Yes Yes Yes Yes Yes Yes 0.0% T
Manufacture of
CCM 3.1
renewable energy 5 1.1% EL EL E/EL E/EL E/EL E/EL 0.2%
CCA 3.1
technologies
Manufacture of
CCM 3.6
other low carbon 104 22.5% EL EL E/EL E/EL E/EL E/EL 22.5%
CCA 3.6
technologies

criteria



Economic activities
Portion of OpEx, year N
Minimum safeguards
Code(1)
Circular economy
Circular economy
of OpEx, year N-1

Biodiversity
Biodiversity
Pollution
Pollution
Water
Water
OpEx
Yes; No;
Yes; No;
Yes; No;
Yes; No;
Yes; No;
Yes; No;
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
Yes/No
N/EL(2)
N/EL
N/EL
N/EL
N/EL
N/EL
EUR
M
T
Production of
automotive
CCM 3.18 15 3.3% EL E/EL E/EL E/EL E/EL E/EL N/A
and mobility
components
Manufacture,
installation and
servicing of high-,
medium- and low-
voltage electrical CCM 3.20 42 9.0% EL N/EL N/EL N/EL N/EL N/EL N/A
equipment for
transmission and
distribution of
electricity
Transmission and
CCM 4.9
CCA 4.9
electricity
OpEx of taxonomy-eligible
but not environmentally
sustainable activities (not 166 36.0% 36.0% 0.0% 0.0% 0.0% 0.0% 26.7%
taxonomy-aligned activities)
(A.2)
A. OpEx of taxonomy-eligible
303 65.5% 65.5% 0.0% 0.0% 0.0% 0.0% 39.8%
activities (A.1 + A.2)
OpEx of not taxonomy-
160 34.5%
eligible activities
TOTAL 463 100%
Portion of OpEx/Total OpEx

objective objective
CCM 29.5% 65.5%
CCA 0.0% 39.4%
WTR 0.0% 0.0%
CE 0.0% 0.0%
PPC 0.0% 0.0%
BIO 0.0% 0.0%

Table D – Nuclear - and fossil gas-related activities
Row Nuclear energy-related activities
The undertaking carries out, funds or has exposures to research, development, demonstration and
1. deployment of innovative electricity generation facilities that produce energy from nuclear processes with NO
minimal waste from the fuel cycle.
The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear
2. installations to produce electricity or process heat, including for the purposes of district heating or industrial NO
processes such as hydrogen production, as well as their safety upgrades, using best available technologies.
The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that
3. produce electricity or process heat, including for the purposes of district heating or industrial processes such NO
as hydrogen production from nuclear energy, as well as their safety upgrades.
Fossil gas-related activities
The undertaking carries out, funds or has exposures to construction or operation of electricity generation
4. NO
facilities that produce electricity using fossil gaseous fuels.
The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of
5. NO
combined heat/cool and power generation facilities using fossil gaseous fuels.
The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat
6. NO
generation facilities that produce heat/cool using fossil gaseous fuels.

19. Audit report on non-financial disclosure
239
240
241
B

CONSOLIDATED FINANCIAL
STATEMENTS
1. Consolidated financial statements
Consolidated statement of financial position
of which of which
(Euro/million) Note 31.12.2023 31.12.2022
related parties related parties
Non-current assets
Property, plant and equipment 1 3,401 3,020
Goodwill 2 1,660 1,691
Other intangible assets 2 411 473
Equity-accounted investments 3 218 218 387 387
Other investments at fair value through
4 10 12
Financial assets at amortised cost 3 3
Derivatives 8 41 135
Deferred tax assets 16 299 203
Other receivables 5 36 34
Total non-current assets 6,079 5,958
Current assets
Inventories 6 2,264 2,241
Trade receivables 5 1,987 3 1,942 -
Other receivables 5 1,054 2 978 3
Financial assets at fair value through
7 85 270
profit or loss
Derivatives 8 80 71
Financial assets at fair value through
4 24 11
Cash and cash equivalents 9 1,741 1,285
Total current assets 7,235 6,798
Assets held for sale 10 9 -
Total assets 13,323 12,756
Equity
Share capital 11 28 27
Reserves 11 3,224 3,054
Group share of net profit/(loss) 11 529 504
Equity attributable to the Group 3,781 3,585
Equity attributable to non-controlling interests 191 186
Total equity 3,972 3,771
Non-current liabilities
Borrowings from banks and other lenders 12 2,488 2,744
Employee benefit obligations 15 333 329
Provisions for risks and charges 14 58 31
Deferred tax liabilities 16 222 187
Derivatives 8 47 61
Other payables 13 53 28
Total non-current liabilities 3,201 3,380
Current liabilities
Borrowings from banks and other lenders 12 608 323
Provisions for risks and charges 14 753 5 665 8
Derivatives 8 57 72
Trade payables 13 2,199 4 2,718 17
Other payables 13 2,469 5 1,694 2
Current tax payables 27 64 133
Total current liabilities 6,150 5,605
Total liabilities 9,351 8,985
Total equity and liabilities 13,323 12,756
B. Consolidated financial statements 243

Consolidated income statement
of which of which
(Euro/million) Note 2023 2022
Sales 17 15,354 16,067

Change in inventories of finished goods and work in
18 52 (30)
progress
Other income 19 70 6 70 7
Total sales and income 15,476 16,107
Raw materials, consumables and supplies 20 (9,705) (10,588)
Fair value change in derivatives on commodities 6 (31)
Personnel costs 21 (1,804) (13) (1,758) (16)
22 (574) (403)
and impairment reversals
Other expenses 23 (2,572) (7) (2,525) (8)
Share of net profit/(loss) of equity-accounted companies 24 33 33 47 47
Operating income 860 849
Finance costs 25 (1,093) (1,116)
Finance income 26 997 1,006
Profit/(loss) before taxes 764 739
Taxes 27 (217) (230)
Net profit/(loss) 547 509
Of which:
- attributable to non-controlling interests 18 5
- Group share 529 504
Basic earnings/(loss) per share (in Euro) 28 1,94 1,91
Diluted earnings/(loss) per share (in Euro) 28 1,84 1,90
Other comprehensive income (note 11)

(Euro/million) 2023 2022
Net profit/(loss) 547 509

Other comprehensive income:
A) Change in cash flow hedge reserve: (35) (34)
- Profit/(loss) for the year (45) (46)
- Taxes 10 12
B) Other changes relating to cash flow hedges: (19) (11)
- Profit/(loss) for the year (24) (15)
- Taxes 5 4
C) Change in currency translation reserve (201) 142
D) Financial instruments at fair value: (8) -
- Profit/(loss) for the year (12) -
- Taxes 4 -
E) Actuarial gains/(losses) on employee benefits(*): (8) 79
- Profit/(loss) for the year (10) 109
- Taxes 2 (30)
Total other comprehensive income (A+B+C+D+E): (271) 176
Total comprehensive income/(loss) 276 685
Of which:
- attributable to non-controlling interests 8 11
- Group share 268 674
(*) Components of comprehensive income that will not be reclassified to profit or loss in subsequent periods.

Consolidated statement of changes in equity (note 11)
Cash flow hedge
non-controlling
net profit/(loss)
Group share of
Other reserves
attributable to
attributable to
Share capital
translation
the Group
(Euro/million)
Currency
interests
reserve
reserve
Equity
Equity
Total
Balance at 31 December 2021 27 103 (309) 2,786 308 2,915 174 3,089
Allocation of prior year

- - - 308 (308) - - -
net profit
Fair value share-based

- - - 102 - 102 2 104
payment
Dividend distribution - - - (145) - (145) (4) (149)
Effect of hyperinflation - - - 39 - 39 3 42
Total comprehensive income/

- (33) 135 68 504 674 11 685
(loss)

Cash flow hedge
non-controlling
net profit/(loss)
Group share of
Other reserves
attributable to
attributable to
Share capital
translation
the Group
(Euro/million)
Currency
interests
reserve
reserve
Equity
Equity
Total
Allocation of prior year net profit 1 - - 503 (504) - - -
Fair value share-based payment - - - 56 - 56 1 57
Dividend distribution - - - (158) - (158) (7) (165)
Acquisition of non-controlling
- - - (5) - (5) - (5)
interest
Effect of hyperinflation - - - 35 - 35 3 38
Total comprehensive income/

- (35) (193) (33) 529 268 8 276
(loss)

Consolidated statement of cash flow (note 37)
of which of which
Amortisation, depreciation and impairment 574 403
Net gains on disposal of fixed assets - (1)
Share of net profit/(loss) of equity-accounted companies (33) (33) (47) (47)
Dividends received from equity-accounted companies 13 13 10 10
Share-based payments 57 2 104 4
Fair value change in derivatives on commodities (6) 31
Net finance costs 96 110
Changes in inventories (88) (171)
Changes in trade receivables/payables (523) (16) (175) 12
Changes in other receivables/payables 808 4 241 -
Change in employee benefit obligations (16) (16)
Change in provisions for risks 98 31
Net income taxes paid (328) (221)
A. Cash flow from operating activities 1,416 1,038
Cash flow from acquisitions and/or disposals - (7)
Investments in property, plant and equipment (599) (429)
Disposals of property, plant and equipment - 2
Investments in intangible assets (25) (25)
Investments in financial assets at fair value through

(33) (39)
profit or loss and financial assets at amortised cost
Disposals of financial assets at fair value through

214 -
profit or loss
Investments in financial assets or equity investments

(48) -
at fair value through other comprehensive income
B. Cash flow from investing activities (491) (498)
Capital contributions and other changes in equity (4) -
Dividend distribution (165) (148)
Proceeds of new loans 120 1,335
Repayments of loans (200) (2,000)
Changes in other net financial receivables/payables and

(103) (77)
other movements
Finance costs paid (140) (88)
Finance income received 68 17
C. Cash flow from financing activities (424) (961)
Net currency translation difference on cash

D. (45) 4
and cash equivalents
Net increase/(decrease) in cash and cash equivalents

E. 456 (417)
(A+B+C+D)
F. Cash and cash equivalents at the beginning of the period 1,285 1,702
G. Cash and cash equivalents at the end of the period (E+F) 1,741 1,285

2. Explanatory Notes
A. GENERAL INFORMATION
Prysmian S.p.A. (“the Company”) is a company incorporated and domiciled in Italy and organised under the laws of the
Republic of Italy. The Company has its registered office in Via Chiese 6, Milan (Italy).
in the FTSE MIB index, comprising the top 40 Italian companies by capitalisation and stock liquidity. Since 18 October
2021, the stock has been included in the MIB® ESG, the first «Environmental, Social and Governance» index dedicated to
Italian blue chips, which features the most important listed issuers demonstrating to have espoused ESG best practices.
The Company and its subsidiaries (together “the Group” or “Prysmian”) produce power and telecom cables and
systems and related accessories, and distribute and sell them around the globe.
These consolidated financial statements were approved by the Board of Directors of Prysmian S.p.A. on 28 February
2024, which also authorised within the legal terms.
A.1 SIGNIFICANT EVENTS IN 2023

Significant events in the year are reviewed in the Directors’ Report in the section entitled “SIGNIFICANT EVENTS
DURING THE YEAR”.
B. ACCOUNTING POLICIES
The material accounting policies used to prepare the consolidated financial statements and Group financial information
are discussed below.
B.1 BASIS OF PREPARATION

The consolidated financial statements at 31 December 2023 have been prepared on a going concern basis, with the
directors having assessed that there are no financial, operating or other kind of indicators that might provide evidence
of material uncertainties as to the Group’s ability to meet its obligations in the foreseeable future and particularly in
the next 12 months.
The assessments carried out confirm Prysmian’s ability to operate in compliance with the going concern presumption
and with its financial covenants.
Prysmian’s consolidated financial statements at 31 December 2023 have been prepared in accordance with the
International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB),
based on the text published in the Official Journal of the European Union (OJEU).
The primary reporting formats adopted have the following characteristics:
• the consolidated income statement is prepared in a stepped format with individual items classified by nature, with
other comprehensive income, reporting components of profit or loss deferred in equity, shown separately;
• the consolidated statement of financial position presents assets and liabilities according to maturity, with current
items shown separately from non-current ones;
• the consolidated statement of cash flows is prepared by presenting cash flows using the “indirect method”, as
permitted by IAS 7.
In application of art. 264b HGB of the German Commercial Code (“Handelsgesetzbuch”), the present consolidated
financial statements constitute an exemption for Draka Comteq Berlin GMBH & Co.KG and Draka Comteq Germany
GMBH & Co.KG. from the requirement to present statutory financial statements.
All the amounts shown in the consolidated financial statements are expressed in millions of Euro, unless otherwise stated.

B.2 NEWLY ADOPTED ACCOUNTING STANDARDS AND PRINCIPLES
The accounting principles and policies and basis of consolidation used to prepare the 2023 Consolidated Financial
Statements are consistent with those used for the 2022 Consolidated Financial Statements. Full details can be found
in Note 39. Basis of consolidation and accounting policies.
The following is a list of new standards, interpretations and amendments whose application became mandatory from
1 January 2023 but which, based on the assessments performed, have not had a material impact on the consolidated
financial statements at 31 December 2023:
• Amendments to IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9;

• Amendments to IAS 12: Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction;
• Amendments to IAS 1: Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of
Accounting Policies;
• Amendments to IAS 8: Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting
Estimates;
• Amendments to IAS 12 Income Taxes: International Tax Reform – Pillar Two Model Rules.
International Tax Reform - Pillar Two Model Rules

The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion
and Profit Sharing (OECD/G20 BEPS), has published the Pillar Two anti-Base Erosion rules (“Pillar Two”) aimed at
addressing the tax challenges arising from the digitalisation of the global economy.
The Pillar Two Global anti-Base Erosion rules (GloBE Rules) represent the first substantial proposal to renovate
international tax rules in a century. The GloBE Rules propose four new tax mechanisms whereby multinational
enterprises (MNEs) will have to pay a minimum level of tax on their income.
The Pillar Two rules have been substantively adopted by various jurisdictions in which the Group operates. These
rules will be applicable to the 2024 consolidated financial statements. The Group, therefore, falls within the scope of
substantively enacted Pillar Two legislation and, therefore, it has assessed its potential exposure to these rules.
It is unclear whether these rules create additional temporary differences, or whether they create the need to remeasure
deferred assets and/or liabilities and what tax rate should be used to do so. In response to this uncertainty, on 23 May
2023, the IASB issued amendments to IAS 12 - Income Taxes introducing a mandatory temporary exception to IAS 12
requirements, permitting a reporting entity not to recognise or disclose information about deferred tax assets and
liabilities related to Pillar Two.
Prysmian has applied the temporary exception when preparing its consolidated financial statements at 31 December 2023.
This assessment has been based on the most recent tax filings, country-by-country reporting and financial statements
of the Group’s constituent entities. Based on this assessment, it has been found that for most of the jurisdictions in
which the Group operates, the effective tax rate is above 15%. However, there may be a limited number of jurisdictions
where the safe harbour relief does not apply and the Pillar Two effective tax rate is close to 15%. The Group does not
expect a material exposure to Pillar Two income taxes in those jurisdictions.
B.3 ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS NOT YET APPLICABLE

AND NOT ADOPTED EARLY BY THE GROUP
The following new accounting standards, amendments and interpretations had been issued at the date of preparing
the present report but are not yet applicable and have not been adopted early by the Group:
Mandatory application
New accounting standards, amendments and interpretations
as from
Amendments to IAS 1: Presentation of Financial Statements:

- Classification of Liabilities as Current or Non-current;
1 January 2024
- Classification of Liabilities as Current or Non-current: Deferral of Effective Date;
- Non-current Liabilities with Covenants.
Amendments to IFRS 16 Leases: Lease Liability in a Sale as Leaseback 1 January 2024
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures:
1 January 2024
Supplier Finance Arrangements (issued on 25 May 2023)
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
1 January 2025
(issued on 15 August 2023)
Preliminary review has indicated that the new accounting standards, amendments and interpretations listed above
are not expected to have a material impact on the Group’s consolidated financial statements.

B.4 PRINCIPAL CHANGES IN THE SCOPE OF CONSOLIDATION
The Group’s scope of consolidation includes the financial statements of Prysmian S.p.A. (the Parent Company) and
the companies over which it exercises direct or indirect control, which are consolidated from the date when control is
obtained until the date when such control ceases.
The changes in the scope of consolidation at 31 December 2023, with respect to 31 December 2022, are reported below.
New company formations
Newco Nation Date
Prysmian Cable Industrial GmbH Germany 20 November 2023
Liquidations
Liquidated companies Nation Date
General Cable Holdings (UK) Ltd United Kingdom 16 April 2023
General Cable Services Europe Ltd. United Kingdom 16 April 2023
Pirelli Cables & Systems (Proprietary) Limited South Africa 13 April 2023
Alambres y Cables de Panama S.A. Panama 13 July 2023
Alcap Comercial S.A. (ALCOMER) Panama 26 July 2023
EHC Technology Development (Shanghai) Co. Ltd China 26 July 2023
Mergers
Merged companies Survivor companies Nation Date
Elator INC EHC Canada Inc. Canada 1 January 2023
EHC Management Company EHC Canada Inc. Canada 1 January 2023
Prysmian Consultora Conductores e Prysmian Energia Cables Y Sistemas de

Argentina 1 October 2023
Instalaciones S.A.I.C. Argentina S.A.
General Cable Overseas Holdings, LLC GK Technologies, Incorporated United States 1 November 2023
GK Technologies, Incorporated General Cable Technologies Corporation United States 15 December 2023
Name changes
For a clearer understanding of the scope of consolidation, the following table shows the name changes made during
the year:
Previous name New name Nation Date
Draka Kabely, s.r.o. Prysmian Kabely,s.r.o. Czech Republic 1 May 2023
Appendix A contains a complete list of the companies included in the scope of consolidation at 31 December 2023.
C. FINANCIAL RISK MANAGEMENT

The Group’s activities are exposed to various types of risk: market risk (including exchange rate, interest rate and price
risks), credit risk and liquidity risk. The Group’s risk management strategy focuses on the unpredictability of markets
and aims to minimise the potentially negative impact on the Group’s results. Certain types of risk are mitigated using
derivative instruments.

Monitoring of key financial risks is centrally coordinated by the Group Finance Department, and by the Purchasing
Department where price risk is concerned, in close cooperation with the Group’s operating companies. Risk
management policies are approved by the Group Finance, Administration and Control Department, which
provides written guidelines on managing the above risks and on using (derivative and non-derivative) financial
instruments.
The impact on profit and equity presented in the subsequent sensitivity analyses has been determined net of tax,
calculated using the Group’s weighted average theoretical tax rate.
[a] Exchange rate risk

The Group operates worldwide and is therefore exposed to exchange rate risk caused by changes in the value of trade
and financial flows expressed in a currency other than the unit of account of individual Group companies.
The principal exchange rates affecting the Group are:
• Euro/US Dollar: in relation to trade and financial transactions in US dollars by Eurozone companies on the
American market and vice versa;
• Euro/British Pound: in relation to trade and financial transactions by Eurozone companies on the British market
and vice versa;
• Euro/Canadian Dollar: in relation to trade and financial transactions by Eurozone companies on the Canadian
market and vice versa;
• Euro/Hungarian Forint: in relation to trade and financial transactions by Hungarian companies on the Eurozone
• Euro/Romanian Leu: in relation to trade and financial transactions by Eurozone companies on the Romanian
• Euro/Swedish Krona: in relation to trade and financial transactions by Eurozone companies on the Swedish
• Euro/Australian Dollar: in relation to trade and financial transactions by Eurozone companies on the Australian
• British Pound/US Dollar: in relation to trade transactions by North American companies on the British market;
• US Dollar/Omani Real: in relation to trade transactions by companies operating on the Omani market;
• Euro/Czech Koruna: in relation to trade and financial transactions by Eurozone companies on the Czech market
and vice versa;
• Euro/Hong Kong Dollar: in relation to trade and financial transactions by Eurozone companies operating on the
Hong Kong market and vice versa;
• US Dollar/Chinese Renminbi (Yuan): in relation to trade transactions by companies operating on the Chinese
market;
• Euro/Singapore Dollar: in relation to trade and financial transactions by Eurozone companies on the Singapore
market and vice versa.
• Euro/Danish Krone: in relation to trade and financial transactions by Eurozone companies on the Danish market
and vice versa.
In 2023, trade and financial flows exposed to the above exchange rates accounted for around 91% of the total exposure
to exchange rate risk arising from trade and financial transactions.
The Group is also exposed to exchange risks on other exchange rates. None of these exposures, taken individually,
accounted for more than 1% of the overall exposure to transactional exchange rate risk in 2023.
It is the Group’s policy to hedge, where possible, exposures in currencies other than the unit of account of its individual
companies. In particular, the Group hedges:
• firm cash flows: invoiced trade flows and exposures arising from loans receivable and payable;
• projected cash flows: trade and financial flows arising from firm or highly probable contractual commitments.
Such hedges are arranged using derivative contracts.
The following sensitivity analysis shows the post-tax effects on profit of a 5% and 10% increase/decrease in the exchange
rates of the local currencies shown below on the actual rates at 31 December 2023 and 31 December 2022.

2023 2022
(Euro/million)
-5% +5% -5% +5%
Euro (1.31) 1.18 (1.01) 0.91
US Dollar (0.71) 0.65 (1.04) 0.94
British Pound (0.16) 0.14 (0.02) 0.02
Other currencies (1.08) 1.00 (0.54) 0.49
Total (3.26) 2.97 (2.61) 2.36
2023 2022
(Euro/million)
-10% +10% -10% +10%
Euro (2.76) 2.26 (2.13) 1.75
US Dollar (1.51) 1.23 (2.19) 1.79
British Pound (0.33) 0.27 (0.04) 0.03
Total (6.89) 5.63 (5.50) 4.51
When assessing the potential impact of the above, the assets and liabilities of each Group company in currencies other
than their unit of account were considered, net of any derivatives hedging the above-stated cash flows.
The following sensitivity analysis shows the post-tax effects on equity reserves of an increase/decrease in the fair value
of designated cash flow hedges following a 5% and 10% increase/decrease in the exchange rates of the local currencies
shown below on the actual rates at 31 December 2023 and 31 December 2022.
2023 2022
(Euro/million)
-5% +5% -5% +5%
US Dollar 3.46 (3.82) 2.02 (2.23)
Euro 12.46 (13.77) 15.23 (16.83)
British Pound 18.31 (20.23) 20.67 (22.85)
Other currencies 0.38 (0.51) 0.75 (1.02)
Total 34.61 (38.33) 38.67 (42.93)
2023 2022
(Euro/million)
-10% +10% -10% +10%
US Dollar 6.89 (8.43) 7.43 (9.08)
Euro 24.85 (30.38) 32.57 (39.81)
British Pound 36.52 (44.64) 39.53 (48.32)
Other currencies 0.76 (0.93) 2.77 (3.37)
Total 69.02 (84.38) 82.30 (100.58)
The above analysis ignores the effects of translating the equity of Group companies whose functional currency is not
the Euro.
Further details can be found in the individual notes to the financial statements.

[b] Interest rate risk
The interest rate risk to which the Group is exposed is mainly on long-term financial liabilities, carrying both fixed and
variable rates.
Fixed rate debt exposes the Group to a fair value risk. The Group does not operate any particular hedging policies in
relation to the risk arising from such contracts.
Variable rate debt exposes the Group to a rate volatility risk (cash flow risk). In order to hedge this risk, the Group can
use derivative contracts that limit the impact of interest rate changes on profit or loss.
The Group Finance Department monitors the exposure to interest rate risk and adopts appropriate hedging strategies
to keep the exposure within the limits defined by the Group Administration, Finance and Control Department,
arranging derivative contracts, if necessary.
The following sensitivity analysis shows the effects on consolidated net profit of a 25 b.p. and 50 b.p. increase/decrease
in interest rates versus the interest rates applying at 31 December 2023 and 31 December 2022, assuming that all other
variables remain equal.
The potential effects shown below refer to net liabilities representing the bulk of Group debt at the reporting date, for
which the impact of the change in interest rates on net finance costs has been calculated on an annualised basis.
The net liabilities considered for sensitivity analysis include variable rate financial receivables and payables, cash and
cash equivalents and derivatives whose value is influenced by rate volatility.
2023 2022
(Euro/million)
-0,25% +0,25% -0,25% +0,25%
Euro (1.20) 1.20 (0.49) 0.49
US Dollar (0.33) 0.33 (0.40) 0.40
British Pound (0.11) 0.11 (0.08) 0.08
Total (2.47) 2.47 (1.72) 1.72
2023 2022
(Euro/million)
-0,50% +0,50% -0,50% +0,50%
Euro (2.40) 2.40 (0.99) 0.99
US Dollar (0.66) 0.66 (0.80) 0.80
British Pound (0.22) 0.22 (0.16) 0.16
Total (4.95) 4.95 (3.45) 3.45
At 31 December 2023, the Group had interest rate swap agreements in place that transform the variable rate into a
fixed one. These agreements have been accounted for as cash flow hedges.
An analysis of all these risks can also be found in the Risk Factors chapter of the Directors’ Report.
[c] Price risk
The Group is exposed to price risk in relation to purchases and sales of strategic materials, the price of which is subject to
market volatility. The main raw materials used by the Group in its own production processes consist of strategic metals
such as copper, aluminium and lead. The cost of purchasing such strategic materials accounted for approximately
58.2% of the Group’s total cost of materials in 2023 (59.8% in 2022), forming part of its overall production costs.
In order to manage the price risk on future trade transactions, the Group negotiates derivative contracts on strategic
metals, setting the price of expected future purchases or the value of stocks.

The derivative contracts entered into by the Group are negotiated with leading financial institutions on the basis
of strategic metal prices quoted on the London Metal Exchange (“LME”), the New York market (“COMEX”) and the
Shanghai Futures Exchange (“SFE”).
The following sensitivity analysis shows the effect on consolidated equity of a 10% increase/decrease in strategic
material prices versus prices at 31 December 2023 and 31 December 2022, assuming that all other variables remain
equal.
2023 2022
(Euro/million)
-10% +10% -10% +10%
LME (78.75) 78.75 (69.43) 69.43
COMEX (0.56) 0.56 (4.65) 4.65
SME (3.19) 3.19 (3.16) 3.16
Total (82.50) 82.50 (77.24) 77.24
The potential impact shown above is solely attributable to increases and decreases in the fair value of derivatives on
strategic material prices which are directly attributable to changes in the prices themselves. It does not refer to the
impact on the income statement of the purchase cost of strategic materials.
[d] Credit risk

There is a credit risk in relation to trade receivables, cash and cash equivalents, financial instruments, and deposits with
banks and other financial institutions.
Customer-related credit risk is managed by the individual subsidiaries and monitored centrally by the Group Finance
Department. The Group does not have excessive concentrations of credit risk. It nonetheless has procedures aimed
at ensuring that sales of goods and services are made to reliable customers, taking account of their financial situation,
track record and other factors. Credit limits for major customers are based on internal and external assessments within
ceilings approved by local country management. The utilisation of credit limits is periodically monitored at local level.
During 2023 the Group had a global insurance policy in place to provide coverage for part of its trade receivables
against any credit losses, net of the deductible.
As for credit risk relating to the management of financial and cash resources, this risk is monitored by the Group Finance
Department, which implements procedures intended to ensure that Group companies deal with independent, highly
rated, reliable counterparties. In fact, at 31 December 2023 (like at 31 December 2022) the vast majority of the Group’s
financial and cash resources were held with investment grade counterparties. Credit limits relating to the principal
financial counterparties are based on internal and external assessments, within ceilings set by the Group Finance
Department.
An increase/decrease in the Group’s credit rating at 31 December 2023 would not have had significant effects on net
profit at that date.
[e] Liquidity risk

Prudent management of the liquidity risk arising from the Group’s normal operations implies maintaining an adequate
level of cash and short-term deposits, as well as ensuring the availability of funds by having an adequate amount of
committed credit lines.
The Group Finance Department uses cash flow forecasts to monitor the projected level of the Group’s liquidity reserves.
The amount of liquidity reserves at the reporting date is as follows:
(Euro/million) 31.12.2023 31.12.2022
Cash and cash equivalents 1,741 1,285
Financial assets at fair value through profit or loss 85 270
Financial assets at fair value through other comprehensive income 24 11
Undrawn committed lines of credit 1,000 1,000
Total 2,850 2,566

Undrawn committed lines of credit at 31 December 2023 refer to the Revolving Credit Facility 2023 (Euro 1,000 million).
The following table presents a due date analysis of payables, at their repayment value, other liabilities, and derivatives
settled on a net basis; the various due date categories refer to the period between the reporting date and the
contractual maturity of the obligations.
31.12.2023
(Euro/million)
Due within Due between Due between Due after
1 year 1 - 2 years 2 - 5 years 5 years
Borrowings from banks and other lenders 695 270 2,087 405
Derivatives 57 25 11 11
Trade and other payables 4,668 53 - -
Total 5,420 348 2,098 416
31.12.2022
(Euro/million)
Due within Due between Due between Due after
1 year 1 - 2 years 2 - 5 years 5 years
Borrowings from banks and other lenders 346 550 2,077 188
Derivatives 72 30 20 11
Trade and other payables 4,412 28 - -
Total 4,830 608 2,097 199
In completion of the disclosures about financial risks, the following is a reconciliation between the classes of financial
assets and liabilities reported in the Group’s statement of financial position and the categories used by IFRS 7 to identify
financial assets and liabilities:
31.12.2023
Financial liabilities
Financial assets at
Financial assets at
at amortised cost
Receivables and
CFH derivatives
amortised cost
other assets at
(Euro/million)
at FVPL
FVOCI
FVPL
Other investments at FVOCI - - 10 - - -
Financial assets at FVOCI - - 24 - - -
Financial assets at amortised cost - 3 - - - -
Trade receivables - 1,987 - - - -
Other receivables - 1,090 - - - -
Financial assets at FVPL 85 - - - - -
Derivatives (assets) 16 - - - - 105
Cash and cash equivalents - 1,741 - - - -
Borrowings from banks and other lenders - - - - 3,096 -
Trade payables - - - - 2,199 -
Other payables - - - - 2,522 -
Derivatives (liabilities) - - - 25 - 79
Total 101 4,821 34 25 7,817 184

31.12.2022
Financial assets at
Financial assets at
at amortised cost
Receivables and
CFH derivatives
amortised cost
other assets at
(Euro/million)
at FVPL
FVOCI
FVPL
Other investments at FVOCI - - 12 - - -
Financial assets at FVOCI - - 11 - - -
Financial assets at amortised cost - 3 - - - -
Trade receivables - 1,942 - - - -
Other receivables - 1,012 - - - -
Financial assets at FVPL 270 - - - - -
Derivatives (assets) 10 - - - - 196
Cash and cash equivalents - 1,285 - - - -
Borrowings from banks and other lenders - - - - 3,067 -
Trade payables - - - - 2,718 -
Other payables - - - - 1,722 -
Derivatives (liabilities) - - - 20 - 113
Total 280 4,242 23 20 7,507 309
C.1 CAPITAL RISK MANAGEMENT

The Group’s objective in capital risk management is mainly to safeguard business continuity in order to guarantee
returns for shareholders and benefits for other stakeholders. The Group also aims to maintain an optimal capital
structure in order to reduce the cost of debt and to comply with a series of covenants required by the various Credit
Agreements (Note 32. Financial covenants).
The Group also monitors capital using a gearing ratio (i.e. the ratio between net financial debt and capital). Details of
how net financial debt is determined can be found in Note 12. Borrowings from banks and other lenders. Capital is
equal to the sum of equity, as reported in the Group consolidated financial statements, and net financial debt.
The gearing ratios at 31 December 2023 and 31 December 2022 are shown below:
Net financial debt 1,188 1,417
Equity 3,972 3,771
Total capital 5,160 5,188
Gearing ratio 23.02% 27.31%

C.2 FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS
IFRS 13 requires assets and liabilities recognised in the statement of financial position at fair value to be classified
according to a hierarchy that reflects the significance of the inputs used in measuring fair value.
Financial instruments are classified according to the following fair value measurement hierarchy:
Level 1: Fair value is determined with reference to quoted prices (unadjusted) in active markets for identical financial
instruments. Therefore, the emphasis within Level 1 is on determining both of the following:
a. the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market
for the asset or liability; and
b. whether the entity can enter into a transaction for the asset or liability at the price in that market at the measurement
date.
Level 2: Fair value is determined using valuation techniques where the input is based on observable market data. The
inputs for this level include:
a. quoted prices for similar assets or liabilities in active markets;

b. quoted prices for identical or similar assets or liabilities in markets that are not active;
c. inputs other than quoted prices that are observable for the asset or liability, for example:
I. interest rate and yield curves observable at commonly quoted intervals;
II. implied volatilities;
III. credit spreads;
d. market-corroborated inputs.
Level 3: Fair value is determined using valuation techniques where the input is not based on observable market data.
The following tables present the assets and liabilities that are recurrently measured at fair value:
31.12.2023
(Euro/million)
Level 1 Level 2 Level 3 Total
Assets
Financial assets at fair value:
Derivatives at FVPL - 16 - 16
CFH derivatives - 105 - 105
Financial assets at FVPL 85 - - 85
Other investments at FVOCI - - 10 10
Financial assets at FVOCI 24 - - 24
Total assets 109 121 10 240
Liabilities
Financial liabilities at fair value:
Total liabilities - 104 - 104

31.12.2022
(Euro/million)
Assets
Financial assets at FVPL 270 - - 270
Other investments at FVOCI - - 12 12
Financial assets at FVOCI 11 - - 11
Total assets 281 206 12 499
Liabilities
Total liabilities - 133 - 133
Financial assets classified in fair value Level 3 have reported no significant movements in either 2023 or 2022.
Given the short-term nature of trade receivables and trade payables, their carrying amounts, net of any allowance for
doubtful accounts, are treated as a good approximation of fair value.
During 2023 there were no transfers of financial assets and liabilities between the different levels of the fair value
hierarchy.
VALUATION TECHNIQUES
Level 1: The fair value of financial instruments quoted in an active market is based on market price at the reporting date.
Level 2: Derivatives classified in this category include interest rate swaps, currency forwards and derivative contracts
on metals and other commodities that are not quoted in active markets. Fair value is determined as follows:
• for interest rate swaps, it is calculated on the basis of the present value of forecast future cash flows;
• for currency forwards, it is determined using the forward exchange rate at the reporting date, appropriately
discounted;
• for metal derivatives, it is determined using the prices of such metals at the reporting date, appropriately discounted.
Level 3: The fair value of instruments not quoted in an active market is primarily determined using valuation techniques
based on estimated discounted cash flows.

C.3 RISKS RELATED TO CLIMATE CHANGE
As explained in more detail in the section of the Directors’ Report on “Prysmian’s two ambitions: Climate Change and
Social Ambition”, the Group has a “Net Zero” strategy. In order to implement this decarbonisation strategy,
Prysmian continued in 2023 with its Sustainability-related investment program; the goal is to reduce overall CO2
equivalent emissions by between 55% and 60 (from 2019 levels) and achieve Net Zero Emission (for Scope 1 and 2
greenhouse gases, i.e. direct and indirect emissions generated by the organisation) by 2035. These investments involve
different strands, including the installation of photovoltaic systems at some of the Group’s plants, various measures to
reduce energy consumption, and a multi-year plan to reduce the use of SF6 gas.
In this context, the Group analyses and assesses the risks and opportunities of climate change and has also set targets
to reduce Scope 3 emissions (generated by the value chain) to zero by 2050.
The consequences in terms of investments, costs and other cash flow impacts are considered when preparing the
accounting estimates. The impairment tests carried out for the purposes of these financial statements have taken into
account the impacts on investment flows, as far as they can be currently estimated, without any significant effects on
the test results.
In addition, challenges associated with climate change commitments have been considered, and the Group has not
identified any additional issues that may have a material impact on the impairment tests. More details about the
impact of climate change on impairment testing can be found in Note 2. Goodwill and other intangible assets.
It is also possible that in the future the carrying amount of assets or liabilities recognised in the Group’s financial
statements may be subject to different impacts as the strategy of managing climate change evolves. Although these
aspects are not currently foreseeable, they are the subject of increasingly frequent and coordinated monitoring by the
various company departments.
Other climate change-related impacts are discussed in Note 1. Property, plant and equipment as regards investments
and in Note 12. Borrowings from banks and other lenders and in Note 32. Financial covenants as regards sustainability-
linked loans and covenants.
C.4 RISKS RELATED TO IMPACT OF RUSSIAN-UKRAINIAN CONFLICT

With reference to the direct economic and financial consequences of the ongoing conflict between Russia and Ukraine
on the Group’s assets and liabilities, it should be noted that the Group has no operations in Ukraine, while it operates
on the Russian market through its subsidiary, which is active almost exclusively at a local level and whose net invested
capital and revenue account for 0.4% and around 0.4% of the Group’s respective totals.
The Group’s exposure is therefore limited. The Group is keeping developments in the conflict under constant
monitor in order to identify any changes in the geopolitical context that might require it to revise its existing business
strategies and/or to adopt actions to safeguard its competitive position, investments, business performance and
resources. The possible impacts of the conflict considered when preparing the current consolidated financial
statements mainly relate to the recoverability of receivables and investments, for which no impairment loss has
been identified.
D. SEGMENT INFORMATION
Further to the Group’s new strategy presented at the Capital Markets Day on 5 October 2023, on 19 December 2023,
Prysmian announced changes to its internal organisational structure and operating segments. Effective 1 January 2024,
four new business segments will be in place: Renewable Transmission, Power Grid, Electrification and Digital Solutions.
Please refer to the “Prysmian Business Model” chapter of the Directors’ Report for a more detailed description of the
new operating segments.

In accordance with IFRS 8 and taking into account the organisational structure, and the management, internal
reporting and performance monitoring systems in place at 31 December 2023, the directors have maintained the
current structure for the purposes of identifying the operating segments, which will therefore be changed in 2024.
The current structure of the operating segments is as follows:
• Energy, whose smallest identifiable CGUs are Regions/Countries depending on the specific organisation;
• Projects, whose smallest identifiable CGUs are the High Voltage, Submarine Power, Submarine Telecom and
Offshore Specialties businesses;
• Telecom, whose smallest CGU is the operating segment itself.
The structure of the disclosure corresponds to the Group’s organisational structure in place at 31 December 2023, as
well as the report periodically prepared to review business performance. This report presents operating performance
by macro type of business (Energy, Projects and Telecom) and the results of operating segments primarily on the
basis of Adjusted EBITDA, defined as earnings (loss) for the period before non-recurring items, the fair value change
in derivatives on commodities and in other fair value items, amortisation, depreciation and impairment, finance
costs and income, and taxes. This report also provides information about the statement of financial position for the
Group as a whole but not by operating segment.
In order to provide users of the financial statements with clearer information, certain financial information is also
reported for the sales channels and business areas included within the individual operating segments:
a. Projects operating segment: this encompasses underground and submarine high-voltage power cables, submarine
telecommunication cables, and offshore specialty cables, as better described in the “Group Organisation” section
of the Directors’ Report. This segment is key for energy transition processes, since, as a solution provider, it offers
its customers a whole range of solutions for the implementation of renewable energy production and distribution
projects.
b. Energy operating segment: this encompasses the Energy & Infrastructure and Industrial & Network Components
businesses, as better explained in the “Group Organisation” section of the Directors’ Report. The Energy segment
provides products and services that respond to needs arising from trends towards both electrification and growth
in renewables.
c. Telecom operating segment: this encompasses the manufacture and development of a wide range of cable systems
and connectivity products used in telecommunication networks. This segment consists of the following businesses:
Fibre Optics, MMS Multimedia Specials and Telecom Solutions, as better described in the “Group Organisation”
section of the Directors’ Report. This segment provides products and services to support cloudification and data
booming megatrends.
All Corporate fixed costs are allocated to the Projects, Energy and Telecom operating segments. Revenues and
costs are allocated to each operating segment by identifying all revenues and costs directly attributable to that
segment and by allocating indirectly related costs.
Group operating activities are organised and managed separately according to the nature of the products and
services provided: each segment offers different products and services to different markets. Sales of goods and
services are analysed geographically on the basis of the location of the registered office of the company that
issues the invoices, regardless of the geographic destination of the products sold. All transfer prices are set using
the same conditions applied to other transactions between Group companies and are generally determined by
applying a mark-up on production costs.
Assets and liabilities by operating segment are not included in the data reviewed by management and so, as
permitted by IFRS 8, this information is not presented in the current report..

D.1 OPERATING SEGMENTS
The following tables present information by operating segment:
2023
Energy
(Euro/million)
Group
Projects Telecom
Industrial Total total
E&I Other
& NWC Energy
Sales(1) 2,508 7,620 3,358 379 11,357 1,489 15,354
Adjusted EBITDA before share

of net profit/(loss) of equity- 300 838 360 (16) 1,182 113 1,595
accounted companies
% of sales 12.0% 11.0% 10.7% 10.4% 7.6% 10.4%
Adjusted EBITDA (A) 300 843 361 (16) 1,188 140 1,628
% of sales 12.0% 11.1% 10.8% 10.5% 9.4% 10.6%
Adjustments (18) (58) (38) (1) (97) (28) (143)
EBITDA (B) 282 785 323 (17) 1,091 112 1,485
% of sales 11.2% 10.3% 9.6% 9.6% 7.5% 9.7%
Amortisation and depreciation (C) (80) (139) (65) (4) (208) (70) (358)
Adjusted operating income (A+C) 220 704 296 (20) 980 70 1,270
% of sales 8.8% 9.2% 8.8% 8.6% 4.7% 8.3%
Fair value change in derivatives on

6
commodities (D)
Fair value share-based payment (E) (57)
Asset (impairment) and impairment

(216)
reversal (F)
Operating income (B+C+D+E+F) 860
% of sales 5.6%
Finance income 997
Finance costs (1,093)
Taxes (217)
Net profit/(loss) 547
% of sales 3.6%
Attributable to:
Owners of the parent 529
Non-controlling interests 18
(1) Sales of the operating segments and business areas are reported net of intercompany transactions and net of transactions between operating segments, consistent
with the presentation adopted in the regularly reviewed reports.

2022
Energy
(Euro/million)
Group
Projects Telecom
Industrial Total total
E&I Other
& NWC Energy
Sales(1) 2,161 8,196 3,442 395 12,033 1,873 16,067
Adjusted EBITDA before share

of net profit/(loss) of equity- 243 731 251 (14) 968 231 1,442
accounted companies
% of sales 11.2% 8.9% 7.3% 8.0% 12.3% 9.0%
Adjusted EBITDA (A) 243 736 252 (14) 974 271 1,488
% of sales 11.2% 9.0% 7.3% 8.1% 14.5% 9.3%
Adjustments (41) (39) (13) - (52) (8) (101)
EBITDA (B) 202 697 239 (14) 922 263 1,387
% of sales 9.3% 8.5% 6.9% 7.7% 14.0% 8.6%
Amortisation and depreciation (C) (86) (133) (66) (4) (203) (80) (369)
Adjusted operating income (A+C) 157 603 186 (18) 771 191 1,119
% of sales 7.3% 7.4% 5.4% 6.4% 10.2% 7.0%
Fair value change in derivatives

(31)
on commodities (D)
Fair value share-based payment (E) (104)
Asset (impairment) and impairment

(34)
reversal (F)
Operating income (B+C+D+E+F) 849
% of sales 5.3%
Finance income 1,006
Finance costs (1,116)
Taxes (230)
Net profit/(loss) 509
% of sales 3.2%
Attributable to:
Owners of the parent 504
Non-controlling interests 5
(1) Sales of the operating segments and business areas are reported net of intercompany transactions and net of transactions between operating segments, consistent
with the presentation adopted in the regularly reviewed reports.

D.2 GEOGRAPHICAL AREAS
The following table presents sales of goods and services by geographical area. Sales of goods and services are analysed
geographically on the basis of the location of the registered office of the company that issues the invoices, regardless
of the geographic destination of the products sold.
Sales 15,354 16,067
EMEA(*) 8,043 8,097
(of which Italy) 1,966 1,585
North America 4,860 5,394
Latin America 1,374 1,361
Asia Pacific 1,077 1,215

(*) EMEA: Europe, Middle East and Africa.
1. Property, plant and equipment

Details of this line item and related movements are as follows:
construction and
Assets under
Equipment
machinery
(in milioni di Euro)

Plant and
Buildings
advances
assets
Other
Land
Total
Balance at 31 December 2022 304 815 1,203 56 127 515 3,020
Movements in 2023:
- Investments - 37 44 4 5 509 599
- Depreciation - (63) (150) (16) (51) - (280)
- Impairment - (16) (19) (3) (8) (2) (48)
- Currency translation differences (5) (15) (23) (4) - (11) (58)
- Increases for leases (IFRS 16) 2 37 1 2 111 - 153
- Monetary revaluation for hyperinflation 1 3 8 1 1 1 15
- Other 4 21 110 4 13 (152) -
Of which:
- Historical cost 325 1,416 2,968 219 474 888 6,290
-A
ccumulated depreciation
(19) (597) (1,794) (175) (276) (28) (2,889)
and impairment
Net book value 306 819 1,174 44 198 860 3,401

construction and
Assets under
Equipment
machinery
(in milioni di Euro)
Plant and
Buildings
advances
assets
Other
Land
Total
Balance at 31 December 2021(*) 287 796 1,243 61 130 277 2,794
Movements in 2022:
- Investments 10 11 32 4 16 356 429
- Disposals (1) - - - - - (1)
- Depreciation - (63) (159) (18) (51) - (291)
- Impairment - (1) (12) - - (21) (34)
- Currency translation differences 1 15 27 1 1 2 47
- Increases for leases (IFRS 16) - 34 5 3 16 - 58
-M
onetary revaluation
3 7 7 1 1 2 21
for hyperinflation
- Other 4 16 60 4 14 (101) (3)
Of which:
- Historical cost 322 1,358 2,746 214 372 538 5,550
- Accumulated depreciation
(18) (543) (1,543) (158) (245) (23) (2,530)
and impairment
Net book value 304 815 1,203 56 127 515 3,020

(*) The previously published comparative Consolidated Financial Statements have been revised after finalising the purchase price allocation of Omnisens S.A. and Eksa
Sp.z.o.o.
In 2023, the value of gross investments was Euro 624 million, of which Euro 599 million for property, plant and
equipment and Euro 25 million for intangible assets, discussed in the next note, up from the previous year’s figure of
Euro 454 million (of which Euro 429 million for property, plant and equipment and Euro 25 million for intangible assets,
discussed in the next note), due to higher investment in production and installation capacity, essential for keeping
pace with the demands of energy transition. The main investments are described below:
• Projects to increase and technologically upgrade production capacity and develop new products/markets: Euro
496 million (80% of total investments):
– Projects segment: With the aim of supporting growing demand for submarine cable systems serving
interconnection projects and offshore wind farms, and of strengthening execution capability, Prysmian has
announced an investment of around Euro 350 million in two new state-of-the-art cable-laying vessels. The first
will be an evolution of the Monna Lisa. Measuring about 185 m long and some 34 m wide, the new vessel will
be equipped with advanced cable-laying solutions, such as three carousels with a total 19,000 tonne capacity,
making it one of the cable-layers with the highest load capacity on the market.
A bollard pull in excess of 180 tonnes will allow the vessel to perform complex installation operations of
simultaneously laying and burying (up to 4) cables using several ploughs, for unparalleled optimisation of
offshore operations. The vessel will be operational by early 2027.
The other cable-laying vessel will be an evolution of the Ulisse, measuring about 167 m long and some 40 m
wide. It will be equipped with two carousels (one of which split in two concentric sections) with a total load
capacity of 10,000 tonnes.
The vessel is due to enter service during the first half of 2025. Both vessels will have green credentials: they will
be equipped with high-voltage shore connection systems to power them with clean energy during loading
operations, diesel generators suitable for biodiesel blends and hybrid batteries just for the vessel that installs in
very deep water.
Construction of the Monna Lisa, started in 2022, has proceeded according to schedule. The overall investment
in this cable-laying vessel is around Euro 200 million plus Euro 40 million for cable-installation equipment. The
Monna Lisa will be operational from early 2025.

The more significant investments in increasing the production capacity of the Projects business unit, needed to
meet the market’s growing demands, have included additional upgrades to the plants in Pikkala (Finland) and
Gron (France). Expansion of the Pikkala plant has continued with the construction of a 185m-tall tower that will
house a new vertical extrusion line for the production of 525 kV DC or 400 kV AC high voltage submarine cables,
involving a total investment of about Euro 120 million. An additional Euro 120 million in investment was approved
during 2023 for the installation of a second vertical extrusion line inside the tower currently under construction
and of all the machinery required to complete other stages of the production process based on the incremental
volumes generated by the new insulation line.
At Gron, an investment was approved for the installation of an additional silicon oil insulation line, which will
support the production of 525 kV HVDC underground cables with XLPE insulation or proprietary P-laser
technology, and for all the machinery needed to complete other stages of the production process based on the
incremental volumes generated by the new insulation line.
The project, which follows a previous expansion initiated in 2022 and now nearing completion, involves an
investment of over Euro 50 million.
Preparatory work has continued for construction of the new Brayton Point plant (Massachusetts - United States),
involving the conversion of an area previously occupied by a coal-fired thermal power plant into a state-of-the-
art inter-array and export submarine cable manufacturing complex.
The expansion of high-voltage cable installation and production capacity was accompanied by an upgrade of
testing capacity, with the approval of an investment to increase the number of HVDC test bays and mechanical
test areas at the Quattordio site in Italy. This investment of over Euro 20 million will support ongoing innovation
involving the search for new materials and/or technologies for HVDC applications..
– Energy segment: Investments in this business segment have focused on certain specific sectors in order to
support growing market demands. An investment of around Euro 60 million was approved for a major increase
in medium-voltage cable production capacity at the DuQuoin plant (Illinois, USA), which will mainly serve the
renewable energy (solar and wind) distribution markets.
The project will add approximately 9,000 sqm of new production space and invest in all the necessary machinery
to boost renewable energy cable production capacity by around 50%. Investments have continued at Sedalia
(Missouri) to expand the plant that manufactures low-voltage aluminium cables mainly for the residential/
commercial/industrial construction and photovoltaic markets, and at Williamsport (Pennsylvania) to increase
capacity to manufacture high-voltage cables for overhead distribution lines. Lastly, a number of investments
are underway in Europe, aimed at increasing capacity and expanding medium and low voltage cable capability
to support market demands.
– Telecom segment: Investments have focused on increasing optical cable production capacity in Jackson
(Tennessee) for the manufacture of Loose Tube and Drop cables, and in Dee Why (Australia) to expand cable
manufacturing capacity to serve Telstra’s new 20,000 km Australian fibre-optic network, connecting the
country’s major cities.
• Multiple projects to improve industrial efficiency and rationalise production capacity: Euro 27 million (4% of total
investments).
The Group has continued to invest in cost optimisation throughout the Telecom segment’s production chain.
Specifically, 2023 saw continued investment in upgrading machinery with the best production technologies
currently available within the Group.
In 2023, Prysmian moved ahead with its Euro 100 million 10-year investment program in Sustainability. These
investments, totalling Euro 7 million in 2023, involve several types of intervention, including the installation of
photovoltaic systems at some of the Group’s plants, various measures to reduce energy consumption, and a multi-
year plan to reduce the use of SF6 gas.
• Structural work: Euro 52 million (8% of total investments).

The main component of this expenditure related to ongoing modernisation of offices and production sites, in order
to support people’s wellbeing and safety, and the reliability of machinery.
More details about investments can be found in “Group Investments for a Sustainable Future” within the
Consolidated Non-Financial Statement forming part of the Directors’ Report.
At 31 December 2023, the value of machinery pledged as collateral against long-term loans was approximately
Euro 1 million.
During the reporting period just ended, Prysmian reviewed whether there was any evidence that its CGUs might be
impaired, but did not identify any.
However, as a result of specific market situations, impairment losses have been recognised against certain specific
assets belonging to larger CGUs for which no explicit indicators of impairment had been found. This has involved
recognising Euro 48 million in impairment losses in 2023, mainly attributable to impairment of certain assets at the
Battipaglia site in Italy.

2. Goodwill and other intangible assets
Other intangible
trademarks and
and advances
similar rights
Concessions,
Intangibles
in progress
(Euro/million)
Software
Goodwill
licences,
Patents
assets
Total
Movements in 2023:
- Investments - 1 - 8 1 15 25
- Amortisation (1) (14) - (27) (36) - (78)
- Currency translation differences - (1) (31) - (8) - (40)
- Other - 1 - 16 - (17) -
Of which:
- Historical cost 65 203 1,660 233 650 38 2,849
- Accumulated amortisation
(61) (144) - (160) (392) (21) (778)
and impairment
Net book value 4 59 1,660 73 258 17 2,071
Other intangible
trademarks and
and advances
similar rights
Concessions,
Intangibles
in progress
(Euro/million)
Software
Goodwill
licences,
Patents
assets
Total
Balance at 31 December 2021(*) 5 80 1,635 72 327 21 2,140
Movements in 2022:
- Investments - 1 - 9 - 15 25
- Amortisation (1) (14) - (20) (43) - (78)
- Currency translation differences 1 2 56 - 17 - 76
- Other - 3 - 15 - (17) 1
Of which:
- Historical cost 65 202 1.711 209 657 40 2.884
-A
ccumulated amortisation
(60) (130) (20) (133) (356) (21) (720)
and impairment
Net book value 5 72 1,691 76 301 19 2,164

Sp.z.o.o.

In 2023, the value of gross investments in intangible assets was Euro 25 million. In 2023, as part of Prysmian’s integration
strategy, the Group ERP system (SAP 1C) was rolled out to the Elevators business in the United States, bringing the total
number of plants to 84, plus 6 corresponding distribution centres, that are managed using the single SAP 1C platform
present in over 30 countries.
In the Operations area, the Corporate MES FastTrack implementation project was successfully completed at the
Livorno plant (Network Components) in June 2023, while the Vilanova plant (Energy) in Spain embarked on the go-live
phase during Q4 2023, reaching completion in January 2024.
FastTrack roll-outs also got underway at the Energy plants in Kistelek (Hungary) and Neustadt (Germany), as well as
the Telecom plants in Jackson (USA) and Suzhou (China); all four projects are expected to reach completion during
the first half of 2024. Two other factories, which have already been identified, will be involved in the roll-out during the
second half of 2024.
Goodwill
At 31 December 2023, Prysmian reported Euro 1,660 million in Goodwill (Euro 1,691 million at 31 December 2022), down
from the previous year due to currency translation differences.
Goodwill impairment test
As reported in Note 40 (b) Estimates and assumptions, the Group’s activities are organised in three operating segments:
Projects, Energy and Telecom. The Projects segment consists of the High Voltage, Submarine Power, Submarine Telecom
and Offshore Specialties CGUs; the Energy segment consists of a number of CGUs corresponding to the Regions or
Countries in keeping with the organisation structure; lastly, the Telecom segment consists of a single CGU that coincides
with the operating segment itself. Goodwill, acquired on the occasion of business combinations, has been allocated to
groups of CGUs, corresponding to the operating segments, which are expected to benefit from the synergies of such
combinations and which represent the lowest level at which Management monitors business performance.
Goodwill has therefore been allocated to each of the operating segments: Projects, Energy and Telecom:
Currency translation
(Euro/million) 31.12.2022 31.12.2023
differences
Energy goodwill 1,146 (22) 1,124
Projects goodwill 244 (4) 240
Telecom goodwill 301 (5) 296
Total goodwill 1,691 (31) 1,660
The cash flows for all CGUs were determined as follows:
a) post-tax cash flow for 2024 was based on the Group’s 2024 budget, approved by the Board of Directors on 8
February 2024;
b) cash flow forecasts for 2025-2027 were based on the multi-year plan developed by management, approved by the
Board of Directors on 4 October 2023 and disclosed during the Capital Markets Day on 5 October 2023. Risks and
opportunities related to sustainability and climate change were implicitly considered in the cash flow forecasts.
In the Projects segment, for example, the explicit flows used in the impairment test considered the opportunities
arising from electrification and the energy transition to renewable sources. The flows used in the impairment test
for the Energy segment took account of impacts from electrification and energy transition, just as flows in the
Telecom segment reflect impacts related to digitalisation;
c) terminal value was calculated using a 2% perpetual growth rate, consistent with expected long-term world growth
forecasts;
d) impairment tests took into consideration sustainability-related investments intended to achieve the target of a
55%-60% reduction in global CO2 equivalent emissions by 2030 (from the 2019 baseline) and the Zero Emissions
target (Scope 1 and 2) by 2035, thus taking account of the risks and opportunities arising from climate change;
e) as described in section C) Financial Risk Management, given the recent results and size of our Russian subsidiary,
no significant direct impacts have been identified with regard to macroeconomic and geopolitical uncertainty.
Furthermore, the crisis in the Middle East is not expected to have a significant direct impact.

The rate used to discount cash flows was determined on the basis of market information about the cost of money and
asset-specific risks (Weighted Average Cost of Capital, WACC). The outcome of the test has shown that the recoverable
amount of the individual operating segments is higher than their net invested capital (including the share of allocated
goodwill). In particular, recoverable amount was higher than carrying amount for the Projects operating segment
(501%), Energy operating segment (100%) and Telecom operating segment (94%).
A WACC of 9.2% was used for the Projects segment. For recoverable amount to be equal to carrying amount, a
theoretical WACC of 30.6% would have to be used for this segment. A WACC of 9.8% was used for the Energy segment.
For recoverable amount to be equal to carrying amount, a theoretical WACC of 16.9% would have to be used for this
segment. A WACC of 7.9% was used for the Telecom segment. For recoverable amount to be equal to carrying amount,
a theoretical WACC of 13.1% would have to be used for this segment.
For recoverable amount to be equal to carrying amount, the growth rate in terminal value for all segments would have
to be negative.
Lastly, by way of pre-emptively checking that the results of goodwill impairment testing were not affected by the
new organisational structure coming into effect on 1 January 2024, a specific quantitative test was carried out by
aggregating the results/headroom of impairment tests for the new organisation using specific mapping criteria
between the future and current operating segments, in order to reconcile them to the current structure. The exercise
performed on the basis of the new segment structure also confirmed the absence of the need for impairment.
3. Equity-accounted investments
This balance, amounting to Euro 218 million, has decreased by Euro 169 million since 31 December 2022, when it
amounted to Euro 387 million, reflecting the effects shown in the following table:
31.12.2023
(Euro/million)
Investments in associates
Opening balance 387
Movements:
- Currency translation differences (21)
- Share of net profit/(loss) 33
- Dividends (13)
- Impairment (168)
Closing balance 218
31.12.2022
(Euro/million)
Opening balance 360
Movements:
- Currency translation differences (8)
- Share of net profit/(loss) 47
- Dividends (10)
- Impairment (2)
Closing balance 387

Details of investments in equity-accounted companies are as follows:
(Euro/million) 31.12.2023 31.12.2022
Yangtze Optical Fibre and Cable Joint Stock Limited Company 174 335
Yangtze Optical Fibre & Cable (Shanghai) Co. Ltd. 19 27
Kabeltrommel Gmbh & Co.K.G. 7 6
Elkat Ltd. 9 11
Power Cables Malaysia Sdn Bhd 9 8
Total equity-accounted investments 218 387
The value of investments includes Euro 33 million for the share of net profit (loss) of equity-accounted companies.
Information about the nature of the main investments in associates:
Company name Registered office % owned
Yangtze Optical Fibre and Cable Joint Stock Limited Company China 23.73%
Yangtze Optical Fibre & Cable (Shanghai) Co. Ltd China 42.80%
Kabeltrommel GmbH & Co.K.G. Germany 44.93%
Power Cables Malaysia Sdn Bhd Malaysia 40.00%
Elkat Ltd. Russia 40.00%
Yangtze Optical Fibre and Cable Joint Stock Limited Company is a Chinese company formed in 1988 whose main
shareholders are: China Huaxin Post and Telecommunication Economy Development Center, Wuhan Yangtze
Communications Industry Group Company Ltd. and Prysmian. The company is one of the industry’s most important
manufacturers of optical fibre and cables. Its products and solutions are sold in more than 50 countries, including the
United States, Japan, the Middle East and Africa.
The company was listed on the Main Board of the Hong Kong Stock Exchange in December 2014 and in July 2018 was
also listed on the Shanghai Stock Exchange.
At 31 December 2023, the fair value of the investment in Yangtze Optical Fibre and Cable Joint Stock Limited Company
is basically in line with carrying amount, after recognising an impairment loss of Euro 168 million in view of the fact that
market value was significantly below book value.
Yangtze Optical Fibre & Cable (Shanghai) Co. Ltd, formed in 2002 and based in Shanghai (China), is an associate
company, 25% of whose share capital is held by Prysmian and 75% by Yangtze Optical Fibre and Cable Joint Stock
Limited Company. The company specialises in the manufacture and sale of optical fibre and cables, offering a wide
range of optical fibre cables and accessories, services and FTTx solutions.
Kabeltrommel GmbH & Co. K.G. is a German company that heads a consortium for the production, procurement,
management and sale of disposable and reusable cable carrying devices (drums). The services offered by the company
include both the sale of cable drums, and the complete management of logistical services such as drum shipping,
handling and subsequent collection. The company operates primarily in the German market.
Power Cables Malaysia Sdn Bhd, a company based in Malaysia, manufactures and sells power cables and conductors,
with its prime specialism high voltage products.
Elkat Ltd. is based in Russia and manufactures and sells copper conductors; it is the only company certified by the LME
to test copper cathodes for the local market.

The following table reports key financial figures for the principal investments in associates (n.a. if figures are not
yet available):
Yangtze Optical
Yangtze Optical
Gmbh & Co.K.G.
Kabeltrommel
(Shanghai) Co.
Stock Limited
Power Cables
Fibre & Cable
Malaysia Sdn
Cable Joint
Company(*)
Fibre and
Elkat Ltd.
(Euro/million)
Bhd
Ltd
31.12.2023 30.09.2023 31.12.2023 31.12.2023 31.12.2023
Non-current assets n.a 1,824 n.a 10 8
Current assets n.a 2,008 n.a 67 27
Total assets n.a 3,832 n.a 77 35
Equity n.a 1,910 n.a 44 17
Non-current liabilities n.a 727 n.a 3 1
Current liabilities n.a 1,195 n.a 30 17
Total equity and liabilities n.a 3,832 n.a 77 35
2023 2023 2023 2023 2023
Sales of goods and services n.a 1,316 n.a 106 53
Net profit/(loss) for the year n.a 108 n.a 2 2
Comprehensive income/(loss) for the year n.a 119 n.a 2 2
Dividends received 2 11 - - -
(*) The figures for Yangtze Optical Fibre and Cable Joint Stock Limited Company, a company listed on the Hong Kong Stock Exchange, refer to its latest published financial
results which relate to the first nine months of 2023.
Yangtze Optical
Yangtze Optical
Gmbh & Co.K.G.
Kabeltrommel
(Shanghai) Co.
Stock Limited
Power Cables
Fibre & Cable
Malaysia Sdn
Cable Joint
Company
Fibre and
Elkat Ltd.
(Euro/million)
Bhd
Ltd
31.12.2022 31.12.2022 31.12.2022 31.12.2022 31.12.2022
Non-current assets 10 1,738 8 10 9
Current assets 21 2,095 26 82 34
Total assets 31 3,833 34 92 43
Equity 11 1,976 32 46 17
Non-current liabilities 13 760 - 4 2
Current liabilities 7 1,097 2 42 24
Total equity and liabilities 31 3,833 34 92 43
2022 2022 2022 2022 2022
Sales of goods and services 46 1,954 313 88 77
Net profit/(loss) for the year 5 164 7 1 3
Comprehensive income/(loss) for the year 5 168 6 1 3
Dividends received 2 8 - - -

4. Other Investments And Financial Assets At Fair Value
through other comprehensive income
Details are as follows:
(Euro/million) 31.12.2023 31.12.2022
Other investments at fair value through other comprehensive

10 12
income (non-current)
Financial assets at fair value through other comprehensive

24 11
income (current)
Total 34 23
Other investments at fair value through other comprehensive income (non-current) report shareholdings that are not
intended for sale in the near term.
Financial assets at fair value through other comprehensive income (current) include securities that mature within 12
months of the reporting date and those that could possibly be sold in the near term.
Other investments at fair value through other comprehensive income are analysed as follows:
Type of % di possesso
(Euro/million) 31.12.2023 31.12.2022
financial asset del Gruppo
unlisted
Ravin Cables Limited 51% 9.25 9.25
shares
unlisted
Tunisie Cables S.A. 7.55% 0.65 0.93
shares
unlisted
Cesi Motta S.p.A. 6.48% - 0.26
shares
Other 0.46 1.51
Total non-current 10.36 11.95
Other investments and financial assets at fair value through other comprehensive income are denominated in the
following currencies:
(Euro/million) 31.12.2023 31.12.2022
Euro 24 13
Tunisian Dinar 1 1
Indian Rupee 9 9
Total 34 23
Other investments at fair value through other comprehensive income are classified in Level 3 of the fair value
hierarchy, while Financial assets at fair value through other comprehensive income fall under Level 1 of the fair value
hierarchy.

5. Trade and other receivables
31.12.2023
(Euro/million)
Non-current Current Total
Trade receivables - 2,085 2,085
Allowance for doubtful accounts - (98) (98)
Total trade receivables - 1,987 1,987
Other receivables:
Tax receivables 8 298 306
Prepaid finance costs 4 2 6
Receivables from employees 1 6 7
Pension plan receivables - 2 2
Construction contracts - 485 485
Advances to suppliers - 133 133
Other 20 106 126
Total other receivables 36 1,054 1,090
Total 36 3,041 3,077
31.12.2022
(Euro/million)
Non-currenti Current Total
Other receivables:
Tax receivables 12 278 290
Prepaid finance costs - 2 2
Receivables from employees 1 3 4
Construction contracts - 503 503
Advances to suppliers 5 44 49
Other 13 138 151
Total other receivables 34 978 1,012
Total 34 2,920 2,954
No individual customer accounted for more than 10% of the Group’s net receivables in 2023, like in 2022.

Trade receivables
The gross amount of past due receivables that are totally or partially impaired is Euro 346 million at 31 December 2023
(Euro 360 million at 31 December 2022).
Past due impaired receivables are aged as follows:
(Euro/million) 31.12.2023 31.12.2022
1 to 30 days 183 186
31 to 90 days 72 80
91 to 180 days 28 25
181 to 365 days 24 15
More than 365 days 39 54
Total 346 360
The value of trade receivables past due but not impaired is Euro 94 million at 31 December 2023 (Euro 76 million at 31
December 2022). These receivables mainly relate to customers in the Projects operating segment which, given the
nature of the counterparties, are not considered necessary to impair.
(Euro/million) 31.12.2023 31.12.2022
1 to 30 days 7 6
31 to 90 days 3 2
91 to 180 days 1 1
181 to 365 days 2 1
More than 365 days 81 66
Total 94 76
The total value of trade receivables not past due is Euro 1,633 million at 31 December 2023 (Euro 1,595 million at 31
December 2022). There are no particular problems with the quality of these receivables and there are no material
amounts that would otherwise be past due if their original due dates had not been renegotiated.
The following table breaks down trade and other receivables according to the currency in which they are expressed:
(Euro/million) 31.12.2023 31.12.2022
Euro 1,320 995
US Dollar 785 772
British Pound 294 283
Canadian Dollar 146 68
Chinese Renminbi (Yuan) 108 155
Brazilian Real 95 166
Mexican Peso 46 46
Turkish Lira 36 94
Swedish Krona 33 28
Columbian Peso 24 24
Romanian Leu 24 16
Chilean Peso 21 28
Thai Baht 19 10
Singapore Dollar 16 8
Indonesian Rupiah 15 11
Other currencies 95 250
Total 3,077 2,954

The allowance for doubtful accounts amounts to Euro 98 million at 31 December 2023 (Euro 97 million at 31 December
2022). Movements in this allowance are shown in the following table:
(Euro/million) 31.12.2023 31.12.2022
Opening balance 97 97
Movements:
- Increases in allowance 14 10
- Releases (10) (6)
- Bad debt write-offs (3) (4)
Closing balance 98 97
Increases in and releases from the allowance for doubtful accounts are reported in “Other expenses” in the income
statement.
Other receivables
Other receivables include “Prepaid finance costs” of Euro 6 million at 31 December 2023, primarily relating to
arrangement costs for the Revolving Credit Facility 2023 agreed with a syndicate of leading banks on 20 June 2023.
Prepaid finance costs of Euro 2 million at 31 December 2022 mainly related to the Revolving Credit Facility 2019.
“Construction contracts” represent the value of contracts in progress, determined as the difference between the costs
incurred plus the related profit margin, net of recognised losses, and the amount billed by the Group.
The following table shows how these amounts are reported between assets and liabilities:
(Euro/million) 31.12.2023 31.12.2022
Construction contract revenue to date 15,718 13,773
Amounts billed (16,860) (14,095)
Net amount due from/(to) customers for construction contracts (1,142) (322)
Of which:
Other receivables for construction contracts 485 503
Other payables for construction contracts (1,627) (825)
6. Inventories
(Euro/million) 31.12.2023 31.12.2022
Raw materials 755 780
of which allowance for obsolete and slow-moving raw materials (117) (84)
Work in progress and semi-finished goods 533 526
of which allowance for obsolete and slow-moving work in progress and semi-finished
(29) (21)
goods
Finished goods(*) 976 935
of which allowance for obsolete and slow-moving finished goods (124) (90)
Total 2,264 2,241

(*) Finished goods also include those for resale.

7. Financial assets at fair value through profit or loss
(Euro/million) 31.12.2023 31.12.2022
Listed securities 85 49
Unlisted securities - 221
Total 85 270
Financial assets at fair value through profit or loss, amounting to Euro 85 million (Euro 270 million at 31 December
2022) refer to funds in which the Brazilian subsidiaries have temporarily invested their liquidity. The reduction since
31 December 2022 is primarily due to the Parent Company’s withdrawal of cash previously invested in money market
funds.
Movements in these assets are analysed as follows:
(Euro/million) 31.12.2023 31.12.2022
Movements:
- Currency translation differences (9) (8)
- Securities purchased 33 39
- Securities sold (214) -
- Other 5 (5)
8. Derivatives
31.12.2023
(Euro/million)
Asset Liability
Interest rate derivatives (CFH) 11 -
Forex derivatives on commercial transactions (CFH) 7 6
Metal derivatives (CFH) 22 41
Metal derivatives 1 -
Total non-current 41 47
Forex derivatives on commercial transactions 5 6
Forex derivatives on financial transactions 2 9
Metal derivatives 8 10
Total current 80 57
Total 121 104

31.12.2022
(Euro/million)
Asset Liability
Total non-current 135 61
Forex derivatives on commercial transactions 4 8
Forex derivatives on financial transactions 3 7
Metal derivatives - 4
Total current 71 72
Total 206 133
Forex derivatives have a notional value of Euro 3,243 million at 31 December 2023 (Euro 6,225 million at 31 December
2022); total notional value at 31 December 2023 includes Euro 1,201 million in derivatives designated as cash flow hedges
(Euro 2,770 million at 31 December 2022).
Interest rate derivatives designated as cash flow hedges (CFH) refer to:
• interest rate swaps for an overall notional value of Euro 110 million, arranged with the objective of hedging variable
rate interest flows over the period 2018-2024;
rate interest flows over the period 2022-2026.
At 31 December 2023, like at 31 December 2022, almost all the derivative contracts had been entered into with major
financial institutions.
Metal derivatives have a notional value of Euro 1,727 million at 31 December 2023 (Euro 2,169 million at 31 December 2022).

The following tables show the impact of offsetting assets and liabilities for derivative instruments, done on the basis of
master netting arrangements (ISDA and similar agreements). They also show the effect of potential offsetting in the
event of currently unforeseen default events:
31.12.2023
Derivatives
(Euro/million) recognised
Gross Amounts Amounts Net
in statement
derivatives offset not offset(1) derivatives
of financial
position
Assets
Forex derivatives 19 - 19 (12) 7
Interest rate derivatives 31 - 31 - 31
Metal derivatives 71 - 71 (58) 13
Total assets 121 - 121 (70) 51
Liabilities
Interest rate derivatives - - - - -
Total liabilities 104 - 104 (70) 34
31.12.2022
Derivatives
(Euro/million) recognised
Gross Amounts Amounts Net
in statement
derivatives offset not offset(1) derivatives
of financial
position
Assets
Interest rate derivatives 72 - 72 - 72
Total assets 206 - 206 (58) 148
Liabilities
Interest rate derivatives - - - - -
Total liabilities 133 - 133 (58) 75
(1) Derivatives potentially offsettable in the event of default events under master netting arrangements.
The following table shows movements in both reporting periods in the cash flow hedge reserve for designated
hedging derivatives:

2023 2022
(Euro/million)
Gross Tax Gross Tax
reserve effect reserve effect
Opening balance 93 (22) 139 (34)
Changes in fair value (45) 10 (46) 12
Reserve for other finance costs/(income) 3 - 1 -
Release to construction contract costs/(revenues) (5) - (1) -
Other 2 - - -
Closing balance 48 (12) 93 (22)
9. Cash and cash equivalents

(Euro/million) 31.12.2023 31.12.2022
Cash and cheques 5 4
Bank and postal deposits 1,736 1,281
Total 1,741 1,285
Cash and cash equivalents, deposited with major financial institutions, are managed centrally through the Group’s
treasury company and by its various operating units.
Cash and cash equivalents managed by the Group’s treasury company amounted to Euro 1,273 million at 31 December
2023, while at 31 December 2022 the figure was Euro 838 million.
The change in cash and cash equivalents is commented on in Note 37. Statement of cash flows.
10. Assets held for sale

Assets held for sale, amounting to Euro 9 million at 31 December 2023, mainly refer to a building owned by a foreign
subsidiary for which a preliminary sale agreement has been reached.
11. Share capital and reserves

Consolidated equity has recorded an increase of Euro 201 million since 31 December 2022, mainly reflecting the net
effect of:
• the net profit for the year of Euro 547 million;

• the distribution of Euro 165 million in dividends;
• negative currency translation differences of Euro 201 million;
• a positive change of Euro 57 million in the share-based payment reserve related to long-term incentive plans and
the employee share purchase plan;
• a decrease of Euro 8 million in the reserves for actuarial gains and losses on employee benefits;
• an increase of Euro 38 million for the effects of hyperinflation;
• a negative post-tax change of Euro 35 million in the fair value of derivatives designated as cash flow hedges and of
Euro 19 million in their hedging costs;
• a decrease of Euro 5 million due to a third-party purchase of subsidiary-company shares;
• a post-tax decrease of Euro 8 million in the fair value of financial assets recorded through other comprehensive
income.

At 31 December 2023, the share capital of Prysmian S.p.A. consisted of 276,534,448 shares, each of nominal value Euro
0.10 for a total of Euro 27,653,444.80.
Movements in the ordinary shares and treasury shares of Prysmian S.p.A. are reported in the following table:
Ordinary shares Treasury shares Total
Balance at 31 December 2021 268,144,246 (4,652,868) 263,491,378
Allotments and sales * - 40,837 40,837
Capital increase (1) 8,390,202 - 8,390,202
Allotments and sales ** - 882,957 882,957

(1) Issue of new shares serving the long-term incentive plan for Group employees (8,000,000 shares) and the BE IN plan (390,202 shares).
(*) Allotment and/or sale of treasury shares under the YES Group employee share purchase plan.
(**) Allotment and/or sale of treasury shares under Group employee share purchase plans.
Treasury shares
Movements in treasury shares during 2023 refer to the allotment and sale of treasury shares serving the Group
employee share purchase plan.
The following table shows movements in treasury shares during the reporting period:
Total
Number of Total nominal % of share Average unit
carrying value
shares value (in Euro) capital value (in Euro)
(in Euro)
Balance at 31 December 2021 4,652,868 465,288 1,74% 20 94,694,176
- Allotments and sales (40,837) (4,084) - 20 (813,473)
- Allotments and sales (882,957) (88,296) - 20 (17,588,503)
12. Borrowings from banks and other lenders

31.12.2023
(Euro/million)
Sustainability-Linked Term Loan 1,193 25 1,218
Mediobanca Loan - 100 100
Intesa Loan - 151 151
Convertible Bond 2021 728 - 728
Lease liabilities 234 70 304
Total 2,488 608 3,096

31.12.2022
(Euro/million)
Sustainability-Linked Term Loan 1,191 6 1,197
Unicredit Loan - 200 200
Mediobanca Loan 100 - 100
Intesa Loan 150 1 151
Convertible Bond 2021 718 - 718
Total 2,744 323 3,067
The following tables provide an analysis by maturity and currency of borrowings from banks and other lenders
(excluding lease liabilities) at 31 December 2023 and 2022:
31.12.2023
Variable interest rate Fixed interest rate

(Euro/million)
Total
Other Other
Euro USD Euro USD
currencies currencies
Due within 1 year 497 8 2 20 6 4 537
Due between 1 and 2 years 74 - - 1 - - 75
Due between 2 and 3 years - - - 729 - - 729
Due between 3 and 4 years 1,195 - - 1 - - 1,196
Due after more than 5

254 - - - - - 254
years
Total 2,020 8 2 752 6 4 2,792
Average interest rate in

3.9% 3.4% 21.5% 1.3% 2.2% 29.6% 3.3%
period, as per contract

2.6% 3.4% 21.5% 1.3% 2.2% 29.6% 2.3%
period, including IRS effect(a)
(a) Interest rate swaps have been put in place to hedge interest rate risk on variable rate loans in Euro. At 31 December 2023, the total hedged amount equates to 73.2% of
Euro-denominated debt at that date. Interest rate hedges consist of interest rate swaps which exchange a variable rate (3 or 6-month Euribor for loans in Euro) with an average
fixed rate (fixed rate + spread) of 2.1% for Euro-denominated debt. The percentages representing the average fixed rate refer to 31 December 2023.
31.12.2022
Variable interest rate Fixed interest rate

(Euro/million)
Total
Other Other
Euro USD Euro USD
currencies currencies
Due within 1 year 224 - 7 28 3 2 264
Due between 1 and 2 years 459 9 - - - - 468
Due between 2 and 3 years 74 - - - - - 74
Due between 4 and 5 years 1,194 - - - - - 1,194
Due after more than 5 years 135 - - - - - 135
Total 2,086 9 7 746 3 2 2,853

1.0% 1.3% 11.0% 1.3% 2.3% - 1.1%
period, as per contract

1.5% 1.3% 11.0% 1.3% 2.3% - 1.5%
period, including IRS effect

Risks relating to sources of finance and to financial investments/receivables are discussed in the section entitled “Risks
factors” forming part of the Integrated Annual Report contained in this document.
Borrowings from banks and other lenders and Bonds are analysed as follows:
(Euro/million) 31.12.2023 31.12.2022
CDP Loans 297 176
EIB Loans 248 246
Sustainability-Linked Term Loan 1,218 1,197
Unicredit Loan - 200
Mediobanca Loan 100 100
Intesa Loan 151 151
Other borrowings 50 65
Borrowings from banks and other lenders 2,064 2,135
Convertible Bond 2021 728 718
Total 2,792 2,853
The Group’s principal credit agreements in place at the reporting date are as follows:
Revolving Credit Facility 2019 and 2023

On 3 April 2019, the Group renewed a Euro 1,000 million five-year revolving credit facility with a syndicate of leading
Italian and international banks. This line was extinguished on 20 June 2023 at the same time as agreeing the new
Revolving Credit Facility 2023. The new facility may be drawn down for business and working capital needs, including
the refinancing of existing facilities, and to issue guarantees. It has a five-year term, with an option to extend to six and
seven years. In addition, with the aim of deepening the embedding of ESG factors into the Group’s strategy, Prysmian
has chosen to include important environmental and social KPIs among the parameters determining the terms of
credit. The renewed revolving credit facility is in fact Sustainability-Linked, being tied to the decarbonisation targets
already set by the Group (annual GHG emissions from 2023 to 2030), to the ratio of female white-collar and executive
hires to total Group hires, and to the number of sustainability audits performed in the supply chain, as better described
in the section “Sustainability Linked Term Loan”.
The achievement or failure of these indicators leads to a positive or negative adjustment of the margin annually applied.
At 31 December 2023, this facility was not being used.
CDP Loans
On 28 October 2019, the Group entered into an agreement with Cassa Depositi e Prestiti S.p.A. (CDP) for a Euro 100
million long-term loan for 4 years and 6 months from the date of signing, with a bullet repayment at maturity. The
purpose of this loan is to finance part of the Group’s capital expenditure and expenditure on research, development
and innovation in Italy and Europe. Interest rate swaps have been arranged in respect of this loan, for an overall notional
value of Euro 100 million, with the objective of hedging variable rate interest flows over the period 2020-2024.
On 28 January 2021, a second loan was agreed with CDP for Euro 75 million with a term of 4 years and 6 months, for
the purpose of financing part of the Group’s expenditure on purchasing the “Leonardo Da Vinci” cable-laying vessel.
This loan, drawn down in full on 9 February 2021, is repayable in a lump sum at maturity on 28 July 2025. Interest rate
swaps have been arranged in respect of this loan, for an overall notional value of Euro 75 million, with the objective of
hedging variable rate interest flows over the period 2021-2025.
On 6 March 2023, another long-term 6-year loan with CDP was announced for Euro 120 million, for the purpose
of supporting the Group’s R&D programs in Italy and Europe (specifically in Italy, France, Germany, Spain and the
Netherlands). The loan, received on 15 February 2023, is repayable in a lump sum at maturity on 15 February 2029.
At 31 December 2023, the fair value of the CDP Loans approximated their carrying amount.

EIB Loans
On 10 November 2017, Prysmian S.p.A. entered into a loan agreement with the European Investment Bank (EIB) for
Euro 110 million to support the Group’s R&D programs in Europe over the period 2017-2020. The loan was received on
29 November 2017 and is repayable in a lump sum at maturity on 29 November 2024. Interest rate swaps have been
arranged in respect of this loan, for an overall notional value of Euro 110 million, with the objective of hedging variable
On 3 February 2022, the Group announced that it had finalised a loan from the EIB for Euro 135 million to support its
European R&D program in the energy and telecom cable systems sector over the period 2021-2024.
This loan is specifically intended to support projects to be developed at R&D centres in five European countries: Italy,
France, Germany, Spain and the Netherlands.
The loan, received on 28 January 2022, is repayable in a lump sum at maturity on 29 January 2029.
At 31 December 2023, the fair value of the EIB Loans approximated their carrying amount.
Sustainability-Linked Term Loan

On 7 July 2022, the Group entered into a medium-term Sustainability-Linked loan for Euro 1,200 million with a syndicate
of leading Italian and international banks. The loan was drawn down in full on 14 July 2022 and primarily used to
refinance the Euro 1 billion term loan obtained in 2018, which was thus repaid early on the same date. Interest rate
swaps have been arranged in respect of this loan, for an overall notional value of Euro 1,200 million, with the objective
of hedging variable rate interest flows.
With the aim of strengthening its financial structure and embedding ESG factors in the Group’s strategy, Prysmian has
chosen to include important environmental and social KPIs among the parameters determining the terms of the loan.
In fact, the Sustainability-Linked Term Loan requires annual compliance with ESG indicators. The indicators to be met
for 2023 are as follows:
• Scope 1 and Scope 2 CO2 emissions, calculated using the market-based method, less than or equal to 654 ktCO2eq
(see the “Scorecard 2023-2025” within the “Non-Financial Statement” included in the Directors’ Report);
• Performance of at least 34 sustainability audits of its suppliers (see the “Sustainable value chain” chapter of the
“Non-Financial Statement” included in the Directors’ Report);
• 41.1% or more of the Group’s total white-collar hires must be women (see “Prysmian’s Human Capital” within the
“Non-Financial Statement” included in the Directors’ Report).
The achievement or otherwise of these indicators entails a positive or negative adjustment of the annual spread.
At 31 December 2023, the fair value of the Sustainability-Linked Term Loan approximated its carrying amount.
Unicredit Loan
On 15 November 2018, Prysmian S.p.A. entered into an agreement with Unicredit for a long-term cash loan for a
maximum amount of Euro 200 million for 5 years from the date of signing. The loan was drawn down in full on 16
November 2018 and repaid in November 2023, at the natural expiry date.
Mediobanca Loan
On 20 February 2019, the Group entered into an agreement with Mediobanca for a Euro 100 million long-term loan for
5 years from the date of signing. The loan was drawn down in full on 22 February 2019 and is repayable in a lump sum
at maturity. The interest rate applied is indexed to 3M and 6M Euribor, as chosen by the company. At 31 December 2023,
the fair value of this loan approximated its carrying amount.
Intesa Loan
On 11 October 2019, the Group entered into an agreement with Intesa Sanpaolo for a Euro 150 million long-term loan for
5 years from the date of signing. The loan was drawn down in full on 18 October 2019 and is repayable in a lump sum at
maturity. At 31 December 2023, the fair value of this loan approximated its carrying amount.
The fair value of loans has been determined using valuation techniques that refer to observable market data (Level 2
of the fair value hierarchy).

The following tables summarise the committed lines available to the Group at 31 December 2023 and 31 December
2022:
31.12.2023
(Euro/million)
Total lines Drawn Undrawn
Revolving Credit Facility 2023 1,000 - 1,000
Sustainability-Linked Term Loan 1,200 (1,200) -
EIB Loans 245 (245) -
CDP Loans 295 (295) -
Intesa Loan 150 (150) -
Mediobanca Loan 100 (100) -
Total 2,990 (1,990) 1,000
31.12.2022
(Euro/million)
Revolving Credit Facility 2019 1,000 - 1,000
Sustainability-Linked Term Loan 1,200 (1,200) -
EIB Loans 245 (245) -
Unicredit Loan 200 (200) -
CDP Loans 175 (175) -
Intesa Loan 150 (150) -
Mediobanca Loan 100 (100) -
Total 3,070 (2,070) 1,000
Bonds
As at 31 December 2023, Prysmian had the following bond issue in place.
Convertible Bond 2021

On 26 January 2021, the Group announced the successful placement of an equity-linked bond (the “Bonds”) for the
sum of Euro 750 million.
The Bonds have a 5-year maturity and denomination of Euro 100,000 each and are zero coupon. The issue price
was Euro 102.50, representing a yield to maturity of minus 0.49% per annum. The initial price for the conversion of
the Bonds into the Company’s ordinary shares is Euro 40.2355, representing a 47.50% premium on the weighted
average price by volume of Prysmian ordinary shares on the Milan Stock Exchange between the start and end of the
book-building process on 26 January 2021.
The shareholders’ meeting held on 28 April 2021 authorised the convertibility of the equity-linked bond and approved
the proposal for a share capital increase serving the conversion of the convertible bond for a maximum nominal
amount of Euro 1,864,025.50 by issuing up to 18,640,255 ordinary shares with a nominal value of Euro 0.10 each.
As provided for in the Bond regulations, the Group has the option to call all - but not just a part - of the Bonds at their
principal amount from 12 February 2024, should the share price exceed 130% of the conversion price for at least 20
days within a period of 30 consecutive trading days.
On 14 June 2021, the Bond was admitted to listing on the multilateral trading facility of the Vienna Stock Exchange.

The following table summarises the values of the Convertible Bond 2021 as at 31 December 2023:
(Euro/million)
Value of Convertible Bond 2021 768
Equity reserve for convertible bond (49)
Change in conversion option fair value (16)
Issue date net balance 703
Interest - non-monetary 27
Related costs (2)
Balance at 31 December 2023 728
At 31 December 2023, the fair value of the Convertible Bond 2021 (equity component and debt component) was Euro
830 million, of which Euro 693 million attributable to the debt component and Euro 137 million to the equity component.
In the absence of trading on the relevant market, the fair value of the bond’s debt and equity components has been
determined using valuation techniques that refer to observable market data (Level 2 of the fair value hierarchy).
Borrowings from banks and other lenders and Lease liabilities
The following tables report movements in Borrowings from banks and other lenders and in Lease liabilities:
Mediobanca and
Lease liabilities
Sustainability
Intesa Loans
borrowings/
Conv. Bond
CDP Loans
Term Loan
(Euro/million)
EIB Loans
Unicredit,
Other
Total
Balance at 31 December 2022 176 246 718 1,197 451 279 3,067
Currency translation differences - - - - - (5) (5)
New funds 120 - - - - 39 159
Repayments - - - - (200) (112) (312)
Amortisation of bank and financial fees and

(1) - 1 2 - - 2
other expenses
New IFRS 16 leases - - - - - 153 153
Interest and other movements 2 2 9 19 - - 32
Balance at 31 December 2023 297 248 728 1,218 251 354 3,096
Mediobanca and
Non-conv. Bond
Lease liabilities
Intesa Loans
Conv. Bonds
borrowings/
CDP Loans
Term Loan
(Euro/million)
EIB Loans
Unicredit,
Other
Total
Balance at 31 December 2021 175 110 957 763 999 450 275 3,729
Currency translation differences - - - - - - 3 3
New funds - 135 - - 1,200 - 26 1,361
Repayments - - (250) (763) (1,000) - (83) (2,096)
Amortisation of bank and financial

- - 1 - (8) - - (7)
fees and other expenses
New IFRS 16 leases - - - - - - 58 58
Interest and other movements 1 1 10 - 6 1 - 19
Balance at 31 December 2022 176 246 718 - 1,197 451 279 3,067

Net financial debt
CDP Loans 12 194 175
EIB Loans 12 135 245
Convertible Bond 2021 12 728 718
Sustainability-Linked Term Loan 2022 12 1,193 1,191
Mediobanca Loan 12 - 100
Intesa Loan 12 - 150
Other financial payables 12 4 9
Total long-term financial payables 2,488 2,744
CDP Loans 12 103 1
EIB Loans 12 113 1
Sustainability-Linked Term Loan 2022 12 25 6
Unicredit Loan 12 - 200
Mediobanca Loan 12 100 -
Intesa Loan 12 151 1
Forex derivatives on financial transactions 8 9 7
Other financial payables 12 46 56
Total short-term financial payables 617 330
Total financial liabilities 3,105 3,074
Long-term financial receivables 5 3 3
Long-term bank fees 5 4 -
Financial assets at amortised cost 3 3
Non-current interest rate derivatives 8 11 59
Current interest rate derivatives 8 20 13
Forex derivatives on financial transactions (current) 8 2 3
Short-term financial receivables 5 22 8
Short-term bank fees 5 2 2
Financial assets at FVPL 7 85 270
Financial assets at FVOCI 4 24 11
Total financial assets 1,917 1,657
Net financial debt 1,188 1,417

The following table presents a reconciliation of the Group’s net financial debt to the amount reported in accordance
with the requirements of Consob Communication no. 5/21 of 29 April 2021 concerning compliance with the “Guide-
lines on disclosure requirements under the Prospectus Regulation” published by ESMA on 4 March 2021 (reference
ESMA32-382-1138):
Net financial debt - as reported above 1,188 1,417
Adjustments to exclude:
Long-term bank fees 5 4 -
Cash flow hedging derivatives (assets) 31 72
Adjustments to include:
Net non-hedging forex derivatives on commercial transactions,

8 1 4
excluding non-current assets
Net non-hedging metal derivatives, excluding 8 2 5
Recalculated net financial debt 1,232 1,504
13. Trade and other payables

31.12.2023
(Euro/million)
Trade payables - 2,199 2,199
Total trade payables - 2,199 2,199
Other payables:
Tax and social security payables 1 241 242
Advances from customers 27 1,717 1,744
Payables to employees 2 193 195
Accrued expenses - 104 104
Other 23 214 237
Total other payables 53 2,469 2,522
Total 53 4,668 4,721

31.12.2022
(Euro/million)
Other payables:
Tax and social security payables 1 257 258
Advances from customers 19 952 971
Payables to employees - 188 188
Other 8 186 194
Total 28 4,412 4,440
Advances from customers include the liability for construction contracts, amounting to Euro 1,627 million at 31
December 2023 (Euro 825 million at 31 December 2022). This liability represents the excess of amounts billed by
the Group over costs incurred plus accumulated profits (or losses), recognised using the percentage of completion
method.
The following table breaks down trade and other payables according to the currency in which they are expressed:
(Euro/million) 31.12.2023 31.12.2022
Euro 2,988 2,415
US Dollar 712 968
British Pound 306 267
Brazilian Real 160 149
Chinese Renminbi (Yuan) 139 167
Australian Dollar 76 64
Bahraini Dinar 47 -
Canadian Dollar 25 22
Philippine Peso 25 33
Romanian Leu 21 17
Hungarian Fiorint 17 14
UAE Dirham 12 22
Swedish Krona 11 14
Mexican Peso 9 26
Indonesian Rupiah 8 8
Omani Rial 5 -
Other currencies 160 254
Total 4,721 4,440

14. Provisions for risks and charges
31.12.2023(*)
(Euro/million)
Restructuring provisions 1 55 56
Legal, contractual and other risks 32 496 528
Environmental risks 16 85 101
Tax risks 9 117 126
Total 58 753 811

(*) Provisions for risks at 31 December 2023 include Euro 118 million for potential liabilities recorded in application of IFRS 3 - Business Combinations.
31.12.2022(*)
(Euro/million)
Restructuring provisions - 18 18
Legal, contractual and other risks 26 450 476
Environmental risks 5 90 95
Tax risks - 107 107
Total 31 665 696

(*) Provisions for risks at 31 December 2022 include Euro 125 million for potential liabilities recorded in application of IFRS 3 - Business Combinations.
The following table presents the movements in these provisions during the reporting period:
Restructuring Legal, contractual Environ–

(Euro/million) Tax risks Total
costs and other risks mental risks
Balance at 31 December 2022 18 476 95 107 696
Increases 43 150 15 7 215
Uses (7) (34) (2) (3) (46)
Releases 1 (61) (6) (5) (71)
Currency translation differences (1) (5) (2) 2 (6)
Other 2 2 1 18 23
Balance at 31 December 2023 56 528 101 126 811
The value of the provision for restructuring at 31 December 2023 (Euro 56 million versus Euro 18 million at 31 December
2022) includes liabilities related to plant closure projects, as better described in in the Directors’ Report in the section
entitled “SIGNIFICANT EVENTS DURING THE YEAR”.
The provision for contractual, legal and other risks amounts to Euro 528 million at 31 December 2023 (Euro 476 million
at 31 December 2022). This provision mainly includes the provision for Euro 184 million (Euro 180 million at 31 December
2022) related to antitrust investigations in progress and legal actions brought by third parties against Group companies
as a result of and/or in connection with decisions adopted by the relevant authorities, as described below. The rest of
this provision refers to provisions related to and arising from business combinations, for risks related to ongoing and
completed contracts and for risks related to commercial disputes.

Antitrust - European Commission proceedings in the high voltage underground and submarine cables business
By way of introduction, it will be recalled that the European Commission started an investigation in late January 2009
into several European and Asian electrical cable manufacturers to verify the existence of alleged anti-competitive
practices in the high voltage underground and submarine cables markets. This investigation was concluded with the
decision adopted by the European Commission, also upheld by the European courts, which found Prysmian Cavi e
Sistemi S.r.l. (“Prysmian CS”) jointly liable with Pirelli & C. S.p.A. (“Pirelli”) for the alleged infringement in the period from
18 February 1999 to 28 July 2005, and Prysmian Cavi e Sistemi S.r.l. jointly liable with Prysmian S.p.A. (“Prysmian”) and
The Goldman Sachs Group Inc. (“Goldman Sachs”) for the alleged infringement in the period from 29 July 2005 to 28
January 2009. Following the conclusion of this case, the Group paid the European Commission the amount due within
the prescribed term using provisions already set aside in previous years.
Likewise in the case of General Cable, the European courts confirmed the contents of the European Commission’s
decision of April 2014, thus definitively upholding the fine levied against it under this decision. As a result, the Group
went ahead and paid a fine for Euro 2 million.
In November 2014 and October 2019 respectively, Pirelli filed two civil actions, recently combined, against Prysmian
CS and Prysmian in the Court of Milan, seeking (i) to be held harmless from any claim brought by the European
Commission in enforcement of its decision and for any expenses incidental to such enforcement; (ii) to be held harmless
from any third-party claims for damages relating to the conduct forming the subject of the European Commission’s
decision and (iii) to be compensated for the damages allegedly suffered and quantified as a result of Prysmian CS and
Prysmian having requested, in certain pending legal actions, that Pirelli be held liable for the unlawful conduct found
by the European Commission in the period from 1999 to 2005. As part of the same proceedings, Prysmian CS and
Prysmian, in addition to requesting full dismissal of the claims brought by Pirelli, have filed symmetrical and opposing
counterclaims to those of Pirelli in which they have requested (i) to be held harmless from any claim brought by the
European Commission in enforcement of its decision and for any expenses incidental to such enforcement; (ii) to be
held harmless from any third-party claims for damages relating to the conduct forming the subject of the European
Commission’s decision and (iii) to be compensated for damages suffered as a result of the legal actions brought by
Pirelli. This action is currently pending.
In view of the circumstances described and the developments in the proceedings, the Directors, assisted also by legal
counsel, have recognised what they consider to be an adequate level of provisions to cover the potential liabilities
related to the matters in question.
Antitrust - Claims for damages resulting from the European Commission’s 2014 decision
During the first few months of 2017, operators belonging to the Vattenfall Group filed claims in the High Court of London
against a number of cable manufacturers, including companies in Prysmian, to obtain compensation for damages
purportedly suffered as a result of the alleged anti-competitive practices sanctioned by the European Commission. In
June 2020, Prysmian companies concerned presented their defence as well as serving a summons on another party
to whom the EU decision was addressed. In July 2022, an agreement was reached for an out-of-court settlement of
Vattenfall’s claims against the Group companies. However, the legal proceedings brought by the Group companies
against the other party to whom the EU decision was addressed are continuing.
On 2 April 2019, a writ of summons was served, on behalf of Terna S.p.A., on Pirelli, Nexans and companies in Prysmian,
demanding compensation for damages purportedly suffered as a result of the alleged anti-competitive practices
sanctioned by the European Commission in its April 2014 decision. This action has been brought before the Court of
Milan. On 24 October 2019, Prysmian companies concerned responded by presenting their preliminary defence. By
an order dated 3 February 2020, the Court upheld the points raised by the defendants, giving Terna until 11 May 2020
to complete its writ of summons and scheduling a hearing for 20 October 2020. Terna duly completed its summons,
which was filed within the required deadline. The proceedings are at a pre-trial stage.
On 2 April 2019, a writ of summons was served, on behalf of Electricity & Water Authority of Bahrain, GCC Interconnection
Authority, Kuwait Ministry of Electricity and Water and Oman Electricity Transmission Company, on a number of cable
manufacturers, including companies in Prysmian, on Pirelli and Goldman Sachs. This action, brought in the Court of
Amsterdam, once again involved a claim for compensation for damages purportedly suffered as a result of the alleged
anti-competitive practices sanctioned by the European Commission.
On 18 December 2019, Prysmian companies concerned presented their preliminary defence, the hearing of which
took place on 8 September 2020. On 25 November 2020, the Court of Amsterdam handed down a ruling under
which it upheld the submissions made and declined jurisdiction over defendants not based in the Netherlands, thus
excluding them from the proceedings. On 19 February 2021, the plaintiffs announced that they had filed an appeal
against this ruling.
Prysmian companies concerned, together with the other third-party first-instance defendants, have entered an
appearance in court contesting the plaintiff’s claims. On 25 April 2023, the Amsterdam Court of Appeal handed
down a ruling under which it decided to submit to the European Court of Justice a number of questions on the
interpretation of European law, which it considers instrumental to its decision. The case has therefore been stayed
pending the European Court of Justice’s response.

In September 2022, the Group was informed that companies in the RWE Group had brought an action in the British
courts against Prysmian S.p.A. and Prysmian Cavi e Sistemi S.r.l. involving a claim for compensation for damages
supposedly suffered as a result of the alleged anti-competitive practices sanctioned by the European Commission in
its April 2014 decision. In June 2023, an agreement was reached for an out-of-court settlement, therefore putting an
end to this lawsuit.
Furthermore, in February 2023, the Group received notification of an application by British consumer representatives
requesting authorisation from the relevant local court to initiate proceedings against a number of cable manufacturers,
including Prysmian S.p.A. and Prysmian Cavi e Sistemi S.r.l., and which also involved a claim for compensation for
damages supposedly suffered as a result of the alleged anti-competitive practices sanctioned by the European
Commission in its April 2014 decision. The case is pending and the Group companies involved have submitted their
preliminary defences.
In June 2023, a writ of summons, sent on behalf of Saudi Electricity Company, was received by a number of cable ma-
nufacturers, including companies in Prysmian. This action, brought before the Court of Cologne, once again involves
a claim for compensation for damages purportedly suffered as a result of the alleged anti-competitive practices san-
ctioned by the European Commission. The case is pending.
Based on the information currently available, and believing these potential liabilities unlikely to crystallise, the Directors
are of the opinion not to make any provision.
Antitrust - Other investigations

In Brazil, the local antitrust authority started proceedings against a number of manufacturers of high voltage
underground and submarine cables, including Prysmian, notified of such in 2011. On 15 April 2020, the CADE Tribunal
issued the operative part of the decision under which it held Prysmian liable for the alleged infringement in the period
from February 2001 to March 2004 and ordered it to pay a fine of BRL 10.2 million (approximately Euro 1.8 million). Using
the provisions already set aside in previous years, the Group made these payments by the required deadline. Prysmian
has filed an appeal against the CADE ruling. The appeal decision is pending.
At the end of February 2016, the Spanish antitrust authority commenced proceedings to verify the existence of anti-
competitive practices by local low voltage cable manufacturers and distributors, including the Group’s local subsidiaries.
On 24 November 2017, the local antitrust authority notified the Group’s Spanish subsidiaries of a decision under which
they were held liable for the alleged infringements in the period from June 2002 to June 2015 and were jointly and
severally ordered to pay a fine of Euro 15.6 million. The Group’s Spanish subsidiaries lodged an appeal against this
decision.
The appeal was partially upheld by the local court, which ruled on 19 May 2023 that the time period used by the
authority to calculate the fine should be reduced, with consequent revision of the fine itself. The Group’s Spanish
subsidiaries have appealed against this ruling.
The decision of 24 November 2017 also held the Spanish subsidiaries of General Cable liable for breach of local antitrust
law. However, they have obtained immunity from paying the related fine (quantified at about Euro 12.6 million) having
filed for leniency and collaborated with the local antitrust authority in its investigations. The Spanish subsidiaries of
General Cable also appealed against the decision of the local antitrust authority. The appeals have recently been
rejected in rulings dated 19 May and 1 June 2023 respectively. These appeals have also been dismissed by the Spanish
Supreme Court, as notified to the companies concerned on 19 January 2023.
In addition, in January 2022, an investigation was initiated by the German antitrust authority (Federal Cartel Office)
concerning alleged coordination in setting the standard metal surcharges applied by the industry in Germany. The
Group’s local subsidiaries have challenged before the courts the search and seizure orders under which the German
authorities carried out inspections at their offices and seized company documents.
During June 2022, the competition authorities of the Czech Republic and Slovakia conducted inspections at the
offices of the Group’s local subsidiaries with regard to alleged anti-competitive practices in setting metal surcharges.
Subsequently, in August 2022 and March 2023, the competition authorities of the Czech Republic and Slovakia
respectively announced the opening of an investigation into this matter involving, among others, the Group’s local
subsidiaries.
Given the high degree of uncertainty as to the timing and outcome of these ongoing investigations, the Directors
currently feel unable to estimate the related risk.

Antitrust - Claims for damages ensuing from other investigations
In February 2020, a writ of summons was served on a number of cable manufacturers, including Prysmian’s Spanish
subsidiaries, under which companies belonging to the Iberdrola Group have claimed compensation for damages
supposedly suffered as a result of the alleged anti-competitive practices sanctioned by the Spanish antitrust authority
in its decision of 24 November 2017. The proceedings are pending before the Court of Barcelona.
In July 2020, a writ of summons was served on a number of cable manufacturers, including Prysmian’s Spanish
subsidiaries, under which companies belonging to the Endesa Group have claimed compensation for damages
supposedly suffered as a result of the alleged anti-competitive practices sanctioned by the Spanish antitrust authority
in its decision of 24 November 2017. The proceedings are pending before the Court of Barcelona.
During 2022, other third-party lawsuits were filed against certain cable manufacturers, including the Group’s Spanish
subsidiaries, to obtain compensation for damages supposedly suffered as a result of the alleged anti-competitive
conduct sanctioned by the Spanish antitrust authority in its decision of 24 November 2017. The proceedings are
pending before the Court of Barcelona.
In view of the circumstances described and the developments in the proceedings, the Directors, assisted also by
legal counsel and maintaining a consistent accounting policy, have adjusted the related provisions for risks to a level
deemed appropriate to cover the potential liabilities for the matters in question.
With reference to the above matters, certain Group companies have received a number of notices in which third
parties have claimed compensation for damages, albeit not quantified, supposedly suffered as a result of Prysmian’s
involvement in the anti-competitive practices sanctioned by the European Commission and the antitrust authorities
in Brazil and Spain.
Based on the information currently available, and believing it unlikely that these potential or unquantifiable liabilities
will arise, the Directors have decided not to make any provision.
Despite the uncertainty of the outcome of the investigations and legal actions in progress, the amount of the provision
set aside, the substance of which explained above, is considered to represent the best estimate of the liability based on
the information available to date and the developments in the proceedings described above.
15. Employee benefit obligations

The Group provides a number of post-employment benefits through schemes that include defined benefit plans and
defined contribution plans.
The defined contribution plans require the Group to pay, under legal or contractual obligations, contributions into
public or private insurance institutions. The Group fulfils its obligations through payment of the contributions. At the
financial reporting date, any amounts accrued but not yet paid to such institutions are recorded in “Other payables”,
while the related costs, accrued on the basis of employee service, are recognised in “Personnel costs”.
The defined benefit plans mainly refer to Pension plans, Statutory severance benefit (for Italian companies), Medical
benefit plans and other benefits such as seniority bonuses.
The liabilities arising under these plans, net of any assets serving such plans, are recognised in Employee benefit
obligations and are measured using actuarial techniques.
Employee benefit obligations are analysed as follows:
(Euro/million) 31.12.2023 31.12.2022
Pension plans 271 262
Italian statutory severance benefit 12 12
Medical benefit plans 14 20
Termination and other benefits 36 35
Total 333 329

Pension plan amendments in 2023
There were no significant amendments to existing pension plans during 2023. The following notes provide more
details about the three main types of benefit: pension plans, statutory severance benefit and medical benefit
plans.
PENSION PLANS
Pension plans relate to defined benefit pension schemes that can be “Funded” or “Unfunded”.
Pension plan liabilities are generally calculated according to employee length of service with the company and the
remuneration paid in the period preceding cessation of employment.
Liabilities for “Funded pension plans” are funded by contributions paid by the employer and, in some cases, by
employees, into a separately managed pension fund. The fund independently manages and administers the amounts
received, investing in financial assets and paying benefits directly to employees. The Group’s contributions to such
funds are defined according to the requirements established in the individual countries.
Liabilities for “Unfunded pension plans” are managed directly by the employer who sees to paying the benefits to
employees. These plans have no assets covering the liabilities.
Pension plan obligations and assets at 31 December 2023 and 31 December 2022 are analysed as follows:
31.12.2023
(Euro/million)
United Other
Germany Great Britain France Total
States countries
Funded pension obligations:
Present value of obligation - 133 1 80 58 272
Fair value of plan assets - (101) (1) (69) (74) (245)
Asset ceiling - - - - 5 5
Unfunded pension obligations:
Present value of obligations 186 - 25 4 24 239
Total 186 32 25 15 13 271
31.12.2022
(Euro/million)
United Other
States countries
Funded pension obligations:
Present value of obligation - 130 2 85 66 283
Fair value of plan assets - (94) (2) (76) (71) (243)
Asset ceiling - - - - 3 3
Unfunded pension obligations:
Present value of obligations 177 - 25 4 13 219
Total 177 36 25 13 11 262
At 31 December 2023, the net value of funded plans in “Other countries” is practically zero and mainly refers to Canada,
Mexico and Spain.
At 31 December 2023, unfunded plans in “Other countries” primarily refer to Sweden and Chile.

Changes during the year in pension plan obligations are analysed as follows:
Opening defined benefit obligation 502 729
Current service costs 4 6
Interest costs 22 14
Administrative costs and taxes 3 2
Actuarial (gains)/losses recognised in equity - experience 4 12
Actuarial (gains)/losses recognised in equity - demographic assumptions (4) (3)
Actuarial (gains)/losses recognised in equity - financial assumptions 18 (194)
Disbursements from plan assets (20) (27)
Disbursements paid directly by the employer (15) (13)
Plan settlements - (28)
Currency translation differences (3) 4
Closing defined benefit obligation 511 502
Changes during the year in pension plan assets are analysed as follows:
Opening plan assets 243 370
Interest income on plan assets 12 9
Actuarial gains/(losses) recognised in equity 4 (90)
Contributions paid in by the employer 22 21
Disbursements (35) (40)
Plan settlements - (30)
Closing plan assets 245 243
At 31 December 2023, pension plan assets consisted of equities (25% versus 22% in 2022), government bonds (31%
versus 15% in 2022), corporate bonds (16% versus 23% in 2022), and other assets (28% versus 39% in 2022).
The asset ceiling recorded a value of Euro 5 million at 31 December 2023 (Euro 3 million at 31 December 2022).
Pension plan costs and income recognised in the income statement are analysed as follows:
2023
(Euro/million)
United Other
States countries
Personnel costs 1 - - 2 4 7
Interest costs 6 6 1 4 5 22
Expected returns on plan assets - (5) - (4) (3) (12)
Total pension plan costs 7 1 1 2 6 17

2022
(Euro/million)
United Other
States countries
Personnel costs 1 - 1 3 3 8
Interest costs 3 4 - 4 3 14
Expected returns on plan assets - (3) - (4) (2) (9)
Total pension plan costs 4 1 1 3 4 13
More details can be found in Note 21. Personnel costs.
As evident from the preceding tables, the most significant plans at 31 December 2023 in terms of accrued employee
benefit obligations are those managed in the following countries:
• Germany;
• Great Britain;
• France;
• United States.
Pension plans in these countries account for more than 90% of the related liability. The principal risks to which they are
exposed are described below:
Germany
There are eight pension plans in Germany, most of which final salary plans with the retirement age generally set at 65.
Although most plans are closed to new members, additional costs may need to be recognised in the future. As at 31
December 2023, the plans had an average duration of 11 years (the same as at 31 December 2022).
Total plan membership is made up as follows:
31.12.2023 31.12.2022
Number of Number of
participants participants
Active 1,442 1,200
Deferred 793 820
Pensioners 2,295 2,271
Total membership 4,530 4,291
The German plans do not have any assets that fund the liabilities, in line with the practice in this country; the Group
pays these benefits directly.
The benefits payable in 2024 will amount to Euro 11 million (Euro 10 million at 31 December 2022 for 2023).
Changes in benefits, and so in the recorded liability and service costs, mainly depend on inflation, salary growth and
the life expectancy of plan members. Another variable to consider when determining the amount of the liability and
service costs is the discount rate, identified by reference to market yields of AA corporate bonds denominated in Euro.
Great Britain
Two defined benefit plans were in operation at 31 December 2023: the Draka pension fund and the Prysmian pension
fund. Both are final salary plans, in which the retirement age is generally set at 65 for the majority of plan participants.
Neither plan has admitted any new members or incurred any new liabilities since 2013. Currently all employees
participate in defined contribution plans.
As at 31 December 2023, the plans had an average duration of approximately 14 years (19 years at 31 December 2022).

31.12.2023 31.12.2022
Draka Prysmian Draka Prysmian

Total Total
pension fund pension fund pension fund pension fund
Number of Number of Number of Number of Number of Number of

participants participants participants participants participants participants
Active - - - - - -
Deferred 367 409 776 443 521 964
Pensioners 517 432 949 478 385 863
Total membership 884 841 1,725 921 906 1,827
Both plans operate under trust law and are managed and administered by a Board of Trustees on behalf of members
and in accordance with the terms of the Trust Deed and Rules and current legislation. The assets that fund the liabilities
are held by the Trust, for both plans.
For the purposes of determining the level of funding, the Trustees appoint an actuary to value the plans every three
years, with annual updates. The latest valuation of the Draka pension fund and the Prysmian pension fund was
conducted at 31 December 2021 and finalised on 31 March 2023. The contribution levels are also set every three years
when performing the valuations to determine the level of plan funding, but can be revised annually.
The Trustees decide on the investment strategy in agreement with the company. The strategies differ for both plans.
In particular, the Draka pension fund has invested its assets as follows: 11% in equities, 53% in bonds and 36% in other
financial instruments. The Prysmian pension fund has invested its assets as follows: 6% in equities, 72% in bonds and
22% in other financial instruments.
In Great Britain, one of the main risks for the Group is that mismatches between the expected return and the actual
return on plan assets would require contribution levels to be revised.
The liabilities and service costs are sensitive to the following variables: life expectancy of plan participants and future
growth in benefit levels. Another variable to consider when determining the amount of the liability is the discount rate,
identified according to market yields of AA-rated corporate bonds denominated in pounds sterling.
The benefits payable in 2024 will amount to Euro 5 million (Euro 9 million at 31 December 2022 for 2023).
France
There were five pension plans in operation in France at 31 December 2023, of which four are unfunded retirement
benefit plans and one is a partially funded pension plan.
All plans have a retirement age generally set between 62 and 64 according to the date of birth. They are all open to new
members, except for the funded plan which does not admit new members or incur new liabilities.
As at 31 December 2023, the plans had an average duration of approximately 11 years, in line with the previous year.
31.12.2023 31.12.2022
Number of Number of
Active 2,457 2,457
Deferred - -
Pensioners 21 21

In France, the principal risk for the Group is salary growth, which affects the benefits that the company has to pay
the employee. In the case of the retirement benefit plans, the benefits vest only upon attaining retirement age;
consequently, the cost to the company will depend on the probability that an employee does not leave the company
before that date. There are no life expectancy risks relating to these plans. The liabilities and service costs are sensitive
to the following variables: inflation, salary growth and the discount rate, determined according to market yields of AA
corporate bonds denominated in Euro.
The main risks for the funded plan are those associated with inflation and life expectancy, both of which affect
contribution levels. The plan’s assets are entirely invested in insurance funds, whose main risk is that a mismatch
between the expected return and the actual return on plan assets would require a revision of contribution levels.
United States
There were four pension plans in operation in the United States at 31 December 2023, of which two are funded plans
that pay an income upon retirement; one is a supplementary unfunded plan and another is an unfunded deferred
compensation plan.
All the plans generally set the retirement age at 65. They are all closed to new members and do not admit new members
or incur new liabilities, except for the “Master Pension Plan” into which it is still possible to pay.
As at 31 December 2023, the plans had an average duration of approximately 10 years, in line with the previous year.
31.12.2023 31.12.2022
Number of Number of
Active 319 346
Deferred 547 603
Pensioners 1,003 1,013
The benefits and contributions payable in 2024 will amount to Euro 1 million (Euro 1 million at 31 December 2022 for
2023).
The weighted average actuarial assumptions used to value the pension plans in the principal countries (Germany,
Great Britain, France and United States) are as follows:
31.12.2023
Germany Great Britain France United States
Interest rate 3.20% 4.50% 3.20% 5.00%
Expected future salary

2.87% N/A 2.47% 2.50%
increase
Expected increase in pensions 2.33% 3.20% 2.20% 3.00%
Inflation rate 2.50% N/A 2.40% N/A
Life expectancy at age 65: Male Female Male Female Male Female Male Female
People currently aged 65 20.80 24.20 19.82 23.28 25.86 29.41 20.23 22.15

31.12.2022
Interest rate 3.70% 4.75% 3.75% 5.35%
Expected future salary

3.07% - 2.47% 2.50%
increase
Expected increase in pensions 2.60% 3.44% 1.65% -
Inflation rate 2.60% 3.25% 2.40% 3.00%
Life expectancy at age 65: Male Female Male Female Male Female Male Female
The following table presents a sensitivity analysis of the effects of an increase/decrease in the most significant actuarial
assumptions used to determine the present value of benefit obligations, namely the interest rate, inflation rate and life
expectancy.
Inflation rate sensitivity includes those effects relating to assumptions about salary increases and increases in benefits.
31.12.2023
Interest rate - 0.50% + 0.50% - 0.50% +0.50% - 0.50% + 0.50% - 0.50% + 0.50%
Change in pension plans 5.56% -5.22% 7.08% -6.37% 5.38% -5.09% 4.65% -3.95%
Inflation rate - 0.25% + 0.25% - 0.25% + 0.25% - 0.25% + 0.25% - 0.25% + 0.25%
Change in pension plans -2.61% 1.31% -1.78% 1.84% -2.69% 2.51% N/A N/A
31.12.2023
1-year increase in life

4.76% 4.14% 0.77% 3.48%
expectancy
31.12.2022
Interest rate - 0.50% + 0.50% - 0.50% +0.50% - 0.50% + 0.50% - 0.50% + 0.50%
Change in pension plans 5.63% -5.15% 9.62% -8.58% 5.21% -4.93% 4.20% -3.42%
Inflation rate - 0.25% + 0.25% - 0.25% + 0.25% - 0.25% + 0.25% - 0.25% + 0.25%
Change in pension plans -2.41% 2.49% -2.21% 2.26% -2.61% 2.68% 0.73% 0.73%
31.12.2022
1-year increase in life

5.06% 5.44% 0.75% 3.04%
expectancy

STATUTORY SEVERANCE BENEFIT
Statutory severance benefit, which refers to Italian companies only, is analysed as follows:
Actuarial (gains)/losses recognised in equity - (3)
No actuarial gains or losses were recorded at 31 December 2023. Actuarial gains and losses basically reflect variations
in the associated economic parameters (the discount and inflation rates).
Under Italian law, the amount due to each employee accrues with service and is paid when the employee leaves the
company. The amount due upon termination of employment is calculated on the basis of the length of service and
the taxable remuneration of each employee. The liability is adjusted annually for the official cost of living index and
statutory interest, and is not subject to any vesting conditions or periods, or any funding obligation; there are therefore
no assets that fund this liability.
The benefits are paid in the form of a lump sum, in accordance with the related rules. In certain circumstances, the
benefit plan also allows the payment of partial advances against the full amount of the accrued benefit.
The main risk is the volatility of the inflation rate and the interest rate, as determined by the market yield on AA
corporate bonds denominated in Euro.
The actuarial assumptions used to value statutory severance benefit are as follows:
31.12.2023 31.12.2022
Interest rate 3.20% 3.80%
Expected future salary increase 2.20% 2.40%
Inflation rate 2.20% 2.40%
assumptions used to determine the present value of benefit obligations, namely the interest rate and inflation rate:
31.12.2023 31.12.2022
Interest rate - 0.50% + 0.50% - 0.50% + 0.50%
Change in statutory severance benefit 4.39% -4.19% 4.33% -4.14%
Inflation rate - 0.25% + 0.25% - 0.25% + 0.25%
Change in statutory severance benefit -1.42% 1.43% -1.38% 1.41%

MEDICAL BENEFIT PLANS
Some Group companies provide medical benefit plans for retired employees. In particular, the Group funds medical
benefit plans in Brazil, Canada and the United States. The US plans account for more than 90% of the total obligation
for medical benefit plans.
Apart from interest rate and life expectancy risks, medical benefit plans are particularly susceptible to increases in
the cost of meeting claims. None of the medical benefit plans has any assets to fund the associated obligations, with
benefits paid directly by the employer.
The obligation in respect of medical benefit plans is analysed as follows:
Interest costs 1 -
Actuarial (gains)/losses recognised in equity - experience (6) (14)
The actuarial assumptions used to value medical benefit plans are as follows:
31.12.2023 31.12.2022
Interest rate 5.26% 5.50%
Expected future salary increase - -
Increase in claims 3.50% 3.50%
Life expectancy at age 65: Uomini Donne Uomini Donne
People currently aged 65 20.70 22.75 20.55 22.63
People currently aged 50 21.81 23.78 21.67 23.67
assumptions used to determine the present value of benefit obligations, such as the interest rate, inflation rate/growth
in healthcare costs and life expectancy.
31.12.2023 31.12.2022
Interest rate -0.50% +0.50% -0.50% +0.50%
Change in medical benefit plans 5.47% -5.11% 6.35% -5.87%
Medical inflation rate -0.25% +0.25% -0.25% +0.25%
Change in medical benefit plans -2.40% 2.51% -1.75% 1.87%
31.12.2023 31.12.2022
1-year increase in life expectancy 3.47% 3.11%

Number of employees
Average headcount in the period is reported below, compared with closing headcount at the end of each period.
2023 Average % Closing %
Non-desk staff 22,556 74% 21,997 73%
Desk staff and management 8,048 26% 8,091 27%
Total 30,604 100% 30,088 100%
2022 Average % Closing %
Non-desk staff 22,693 74% 21,966 73%
Desk staff and management 7,911 26% 8,219 27%
Total 30,604 100% 30,185 100%
16. Deferred taxes

The balance of deferred tax assets at 31 December 2023 is Euro 299 million (Euro 203 million at 31 December 2022)
while that of deferred tax liabilities is Euro 222 million (Euro 187 million at 31 December 2022).
Movements in deferred taxes are analysed as follows:
(Euro/million) Fixed assets Provisions(1) Tax losses Other Total
Balance at 31 December 2021* (227) 196 9 15 (8)
Currency translation differences (11) 1 - - (10)
Impact on income statement 28 18 (3) 5 48
Impact on equity - (26) - 12 (14)
Balance at 31 December 2022 (210) 189 6 32 16
Currency translation differences - - - 2 2
Impact on income statement 26 37 41 (64) 39
Impact on equity - 2 - 19 22
Other and reclassifications - (1) - (1) (2)
Balance at 31 December 2023 (184) 227 47 (13) 77
(1) These comprise Provisions for risks and charges (current and non-current) and Employee benefit obligations.
Sp.z.o.o.
The Group has not recognised any deferred tax assets on Euro 769 million in carryforward tax losses at 31 December
2023 (Euro 1,017 million at 31 December 2022). Unrecognised deferred tax assets relating to the above carryforward tax
losses and to deductible temporary differences amount to Euro 186 million (Euro 237 million at 31 December 2022).
At 31 December 2023, it has however recognised deferred tax assets of Euro 41 million on carryforward tax losses of
Euro 234 million (Euro 28 million at 31 December 2022).

The following table presents details of carryforward tax losses:
(Euro/million) 31.12.2023 31.12.2022
Carryforward tax losses 1,003 1,045
of which recognised as deferred tax assets 234 28
Carryforward expires within 1 year 9 9
Carryforward expires between 2-5 years 34 47
Carryforward expires beyond 5 years 10 39
Unlimited carryforward 950 950
17. Sales
Finished goods 12,455 13,817
Construction contracts 1,996 1,607
Services 108 106
Other 795 537
Total 15,354 16,067
18. Change in inventories of finished goods and work in progress

Finished goods 34 (67)
Work in progress 18 37
Total 52 (30)
19. Other income

Rental income 2 3
Insurance reimbursements and indemnities 17 17
Gains on disposal of property 1 4
Other revenue and income 50 46
Total 70 70

20. Raw materials, consumables and supplies
Raw materials 9,717 10,768
Change in inventories (12) (180)
Total 9,705 10,588
21. Personnel costs

Wages and salaries and social security 1,574 1,545
Fair value share-based payments 57 104
Pension plans 7 10
Medical benefit costs - 1
Termination and other benefits 34 28
Business reorganisation 37 5
Other personnel costs 95 65
Total 1,804 1,758
Share-based payments
At 31 December 2023, Prysmian S.p.A. had share-based payment plans in place for managers and employees of Group
companies and executive directors and executives with strategic responsibilities in the Companymembers of the
Company’s Board of Directors. These plans are described below.
Employee share purchase plan– YES
The YES plan is based on financial instruments and reserved for employees of Prysmian S.p.A. and/or of its subsidiaries.
The plan has offered the opportunity to purchase Prysmian’s ordinary shares on preferential terms, with a maximum
discount of 25% on the stock price, given in the form of treasury shares (the so-called discounted shares), except for
certain managers for whom the discount was 15%, and the executive Directors and key management personnel, for
whom the discount was 1% on the stock price.
The shares purchased or received free of charge are subject to a retention period, during which they cannot be sold.
The shares purchased by participants, as well as those received by way of discount and entry bonus, are subject
to a retention period, during which they cannot be sold and the length of which varies according to relevant local
regulations.
All those who signed up to the plan have also received an entry bonus of eightsix free shares, or rather three free shares
for employees who have already participated in at least one of the purchase cycles in the previous two years, taken from
the Company’s portfolio of treasury shares, only available with their first-time purchase during the same financial year.
If an employee had already participated in the 2013 plan, they have received eight shares as an entry bonus to the new
plan. For those who had already purchased shares in a 2017 purchase window, the entry bonus was three shares.
The shares purchased by participants, as well as those received by way of discount and entry bonus, are subject to a
retention period, during which they cannot be sold and the length of which varies according to relevant local regulations.
Furthermore, a loyalty bonus of five shares is provided for those who choose to extend the retention period of the
shares granted in 2019, 2020, and 2021.

On 28 April 2021, the shareholders of Prysmian S.p.A. approved an extension of the share ownership plan, for
Prysmian employees.
In line with past practice, the extension provides the opportunity to purchase Prysmian’s ordinary shares on preferential
terms, with a maximum discount of 25% on the stock price, given in the form of treasury shares. The shares purchased
are subject to a retention period, during which they cannot be sold. The extension which has added new purchase
windows in the years 2022, 2023 and 2024.
Beneficiaries of the plan also include the executive directors of Prysmian S.p.A. as well as key management personnel,
for whom the discount is 1%. “A total maximum of 600,000 own shares are allocated for the purposes of discounted
shares, entry bonus shares, and loyalty bonus shares throughout the duration of the plan (2022-2024)”.
Costs of Euro 2 million have been recognised as “Personnel costs” in the income statement at 31 December 2023 for
the fair value of shares that will be allotted under this plan.
The fair value of the shares has been determined using the Montecarlo binomial pricing model, based on the following
assumptions:
Windows
Grant date 12 April 2022
Share purchase date from 16 June 2022 to 16 September 2025
End of retention period from 16 June 2025 to 16 September 2027
Residual life (in years) 1.74
Share price at grant date (Euro) €30.87
Risk-free interest rate from 0.32% to 0.54%
Expected dividend % 1.80%
Share fair value at grant date (Euro) from €23.94 to €19.27
The Report on Remuneration Policy and Compensation Paid andT the information memorandum, prepared under
art. 114-bis of Legislative Decree 58/98 and describing the characteristics of the above plan, is publicly available on the
Company’s website at http://www.prysmian.com/, from its registered offices and from Borsa Italiana S.p.A.
2020-2022 Long-term incentive plan
The results achieved under the Group’s 2020-2022 LTI Plan were approved by the Board of Directors on 9 March 2023
after receiving the Remuneration and Nominations Committee’s favourable opinion, confirming the grant of a total of
8,593,072 shares.
“Grow” 2023-2025 long-term incentive plan
On 19 April 2023, the shareholders’ meeting of Prysmian S.p.A. approved a long-term incentive plan (2023-2025) that will
cover approximately 1,100 beneficiaries among management and other key Prysmian resources, including Prysmian
S.p.A.’s Executive Directors and Key Management Personnel. The Plan involves the grant of new-issue ordinary shares
obtained from a bonus issue funded by profits or retained earnings in accordance with art. 2349 of the Italian Civil Code,
or a combination of new-issue shares and treasury shares. By means of this plan, Prysmian intends to strengthen the
Company’s and management’s commitment to creating sustainable value over time for all stakeholders, including by
involving a wide range of key people in over 40 countries who play an important role in the Group’s sustainable success.
The plan spans a three-year period and provides for the award of shares, Performance share, upon achievement of
economic and financial performance conditions, Total Shareholders Return and ESG targets. The plan also allows 50%
of the annual bonus, where due, for the years 2023, 2024, 2025 to be deferred in the form of shares, Deferred share. The
annual bonus is also linked to the achievement of ESG targets, as well as to economic-financial targets. The deferral of
the annual bonus also entails an additional award of 0.50 “matching” shares which, in the case of the Group’s some 50
top managers, is also dependent on the achievement of ESG targets by 2025. The plan has the following objectives:
instruments;
• to ensure the long-term sustainability of the Group’s annual performance, by boosting staff engagement and
The shareholders of Prysmian S.p.A. also authorised a bonus share capital increase to be reserved for Prysmian
employees in execution of the plan. This capital increase may reach a maximum nominal amount of Euro 950,000
through apportionment, pursuant to art. 2349 of the Italian Civil Code, of a corresponding amount from profits or
retained earnings, with the issue of no more than 9,500,000 ordinary shares of nominal value Euro 0.10 each.

The actual allocation of shares, in particular with reference to the Performance Shares, is subject to the level of
achievement of the following performance conditions: cumulative Adjusted EBITDA, cumulative Free Cash Flow,
average ROCE, relative TSR measured against a 11-member peer group and ESG, measured by a set of indicators.
The following table provides details about movements in the plan:
31.12.2023 Number of shares
Shares vested at start of year -
Change in expected participations -
Shares vesting in period 1,479,462
Total shares vested at end of year 1,479,462
In accordance with IFRS 2, the shares that will be allotted have been measured at their grant date fair value. The fair
value of options related to performance shares, for the entire period of the plan, and to deferred and matching shares
vesting in 2023 has been calculated using the following assumptions:
Residual life at grant date (in years) 2.33
Exercise price (Euro) 38.25
Risk-free interest rate 2.73%
Share fair value (not market based) at grant date 28.43
Share fair value (market based) at grant date 21.99
art. 114-bis of Legislative Decree 58/98 and describing the characteristics of the above plan, areis publicly available on
the Company’s website at http://www.prysmian.com/ from its registered offices and from Borsa Italiana S.p.A.
BE-IN plan
On 12 April 2022, the shareholders of Prysmian S.p.A. approved an equity-settled stock grant plan for employees of
Prysmian S.p.A. and Prysmian companies, except for managers already covered by individual incentive schemes; the
plan aims to foster wide participation in future value creation and to strengthen the level of employee engagement;
the plan is subject to local consultation with the relevant trade union representatives, where required.
The plan, participation in which is voluntary, envisages three allotment cycles for 2022, 2023 and 2024 and provides for
the allotment of a maximum of 3,000,000 shares.
By voluntarily joining the plan, the employee agrees to receive, in lieu of payment of part of their monetary bonus, or
in some cases even without converting a monetary bonus, a value equating to a number of shares, to be calculated
on the basis of the allotment value, defined as the average share price over the 30 trading days preceding definition
of the incentive’s value. The number of shares allotted may be increased by an additional number of shares, up to a
maximum of 50% of the shares allotted.
The number of shares received by each participant is determined according to the amount of the incentive’s value.
Allotted shares are freely transferable from the grant date. If these shares are held for the entire holding period,
12 months, the employee is entitled to receive a number of additional “loyalty shares”. If, during the holding period,
the employee sells all or part of the shares received, they will no longer be entitled to receive additional shares.
The shares are credited to participants annually within specific time frames, identified on a local basis when rolling
out the plan.

Shares credited to participants in 2023, 2024 and 2025 relate to performance in 2022, 2023 and 2024, respectively, with
the respective additional shares credited in 2024, 2025 and 2026.
During the plan’s rollout, some of these provisions may be adjusted not only to ensure that the plan nonetheless
complies with applicable local rules, legislation and tax and social security regulations but also to facilitate its
implementation for the sake of wider participation.
The fair value of shares that will be allotted under this plan has been determined using the following assumptions:
Exercise price (Euro) 0
Risk-free interest rate 2.14% - 2.52%
Fair value at grant date of conversion and premium shares 32.93
Fair value at grant date of loyalty shares 28.38
Fair value at grant date of conversion and premium shares 30.10
Fair value at grant date of loyalty shares 23.45
the Company’s website at http://www.prysmian.com/ from its registered offices and from Borsa Italiana S.p.A.

22. Amortisation, depreciation, impairment and impairment reversals
Depreciation of buildings, plant, machinery and equipment 196 210
Depreciation of other property, plant and equipment 18 22
Amortisation of intangible assets 78 78
Depreciation and impairment of right-of-use assets (IFRS 16) 68 59
Impairment of property, plant and equipment 46 34
Impairment of equity-accounted investments 168 -
Total 574 403
23. Other expenses

Professional services 135 133
Insurance 74 45
Maintenance costs 164 151
Selling costs 42 129
Utilities 311 367
Travel costs 51 42
Rentals and vessel charter 68 73
Increases in/(releases of) provisions for risks 113 130
Losses on disposal of fixed assets 1 3
Sundry expenses 158 123
Other costs 1,454 1,322
Business reorganisation 1 7
Total 2,572 2,525
Other costs mainly refer to those incurred for project execution.
The Group expensed Euro 107 million in research and development costs in 2023 (Euro 101 million in 2022), insofar as
there were no qualifying conditions to justify their capitalisation.
24. Share of net profit/(loss) of equity-accounted companies

Share of net profit/(loss) of associates 33 47
Total 33 47
Further information can be found in Note 3. Equity-accounted investments.

25. Finance costs
Interest on loans 85 19
Interest on non-convertible bond - 5
Interest on Convertible Bond 2021 - non-monetary component 9 9
Interest Rate Swaps - 12
Interest on lease liabilities 11 6
Amortisation of bank and financial fees and other expenses 5 6
Employee benefit interest costs net of interest on plan assets 13 6
Other bank interest 6 7
Costs for undrawn credit lines 3 3
Sundry bank fees 25 21
Other 9 23
Finance costs 166 117
Foreign currency exchange losses 927 999
Foreign currency exchange losses 927 999
Total finance costs 1,093 1,116
26. Finance income

Interest income from banks and other financial institutions 36 13
Interest Rate Swaps 26 -
Non-recurring finance income 2 -
Finance income related to hyperinflation 18 7
Other finance income 1 6
Finance income 83 26
Net gains on forex derivatives - 14
Gains on derivatives - 14
Foreign currency exchange gains 914 966
Total finance income 997 1,006

27. Taxes
Current income taxes 256 278
Deferred income taxes (39) (48)
Total 217 230
The following table reconciles the effective tax rate with the Parent Company’s theoretical tax rate:
(Euro/million) 2023 Tax rate 2022 Tax rate
Theoretical tax expense 183 24.0% 177 24.0%
Differences in nominal tax rates of foreign

(14) -1.8% (9) -1.2%
subsidiaries
Taxes on distributable reserves 55 7.2% 27 3.6%
Taxes on dividends 11 1.4% 7 0.9%
Accrual (Release) of Antitrust provision 1 0.1% 6 0.8%
Asset impairment (2) -0.3% - 0.0%
WHT expensed/corporate income tax

4 0.5% 3 0.4%
branch
IRAP (Italian regional business tax) and US

25 3.3% 24 3.3%
State tax
Prior year current taxes (11) -1.4% - 0.0%
Deferred tax effect on carryforward tax

(41) -5.4% 8 1.1%
losses
Non-deductible costs/ (non-taxable

6 0.8% (13) -1.8%
income) and other
Effective income taxes 217 28.4% 230 31.1%
“Deferred tax effect on carryforward tax losses “ include deferred tax assets recognised for companies located in
countries that, according to a multi-year business plan, will be able to utilise the benefit in future years against positive
future earnings.
“Taxes on distributable reserves” include the recognition of deferred tax liabilities on profits that could be distributed
by subsidiaries in future years. The increase from the previous year is mainly attributable to potential profit distributions
by US companies.

28. Earnings/(loss) and dividends per share
Both basic and diluted earnings (loss) per share have been calculated by dividing the net result for the period
attributable to owners of the parent by the average number of the Company’s outstanding shares.
Diluted earnings/(loss) per share have been affected by the options under the Convertible Bond, whose conversion
was in the money as at 31 December 2023, and by the options under the employee share purchase plan (YES Plan).
Net profit/(loss) attributable to owners of the parent 529 504
Weighted average number of ordinary shares (thousands) 272,679 263,497
Basic earnings per share (in Euro) 1.94 1.91
Net profit/(loss) attributable to owners of the parent for purposes

537 504
of diluted earnings per share(*)
Weighted average number of ordinary shares (thousands) 272,679 263,497
Adjustments for:
New shares from conversion of bonds into shares 18,640 -
Dilution from incremental shares arising from exercise of share-based payment plans
69 2,062
and employee share purchase plans (thousands)
Weighted average number of ordinary shares to calculate diluted

291,388 265,558
earnings per share (thousands)
Diluted earnings per share (in Euro) 1.84 1.90
(*) This figure has been adjusted for interest accruing on the Convertible Bond, net of the related tax effect.
The dividend paid in 2023 amounted to approximately Euro 158 million (Euro 0.60 per share). With reference to the year
ended 31 December 2023, a recommendation to pay a dividend of Euro 0.70 per share, totalling approximately Euro 191
million, based on the number of outstanding shares, will be presented to the shareholders for approval in the meeting
convened in single call for 18 April 2024.
29. Contingent liabilities

As a global operator, the Group is exposed to legal risks primarily, by way of example, in the areas of product liability
and environmental, antitrust and tax rules and regulations. The outcome of legal disputes and proceedings currently
in progress cannot be predicted with certainty. An adverse outcome in one or more of these proceedings could result
in the payment of costs that are not covered, or not fully covered, by insurance, which would therefore have a direct
effect on the Group’s financial position and results.
As at 31 December 2023, contingent liabilities for which the Group has not recognised any provision for risks and
charges, on the grounds that an outflow of resources is considered unlikely, but for which reliable estimates are
available, amount to approximately Euro 57 million and mainly refer to legal and tax issues.
30. Commitments to purchase property, plant and equipment and intangible assets
Contractual commitments already entered into with third parties as at 31 December 2023 and not yet reflected in the
financial statements amounted to Euro 566 million for investments in property, plant and equipment (Euro 416 million
at 31 December 2022); commitments to third parties for investments in intangible assets amounted to Euro 2 million
at 31 December 2023 (Euro 2 million at 31 December 2022).

31. Receivables factoring
The Group has factored some of its trade receivables on a without-recourse basis. Receivables factored but not yet
paid by customers amounted to Euro 157 million at 31 December 2023 (Euro 296 million at 31 December 2022).
32. Financial covenants

The credit agreements in place at 31 December 2023, details of which are presented in Note 12. Borrowings from banks
and other lenders, require the Group to comply with a series of covenants on a consolidated basis. The main covenants,
classified by type, are listed below:
[a] Financial covenants
• Ratio between EBITDA and Net finance costs (as defined in the relevant agreements). This covenant does not apply to
the Revolving Credit Facility 2023 as long as Prysmian S.p.A. maintains a long-term “Investment Grade” credit rating;
• Ratio between Net Financial Debt and EBITDA (as defined in the relevant agreements).
The covenants contained in the relevant credit agreements are as follows:
EBITDA/ Net financial debt/

Net finance costs(1) EBITDA(1)
not less than: not more than:
4.00x 3.00x
(1) The ratios are calculated on the basis of the definitions contained in the relevant credit agreements. The Net Financial Debt/EBITDA ratio can go as high as 3.5 following
extraordinary transactions like acquisitions, no more than three times, including on non-consecutive occasions.
[b] Non-financial covenants

A number of non-financial covenants have been established in line with market practice applying to transactions of a
similar nature and size. These covenants involve restrictions on the grant of secured guarantees to third parties and on
amendments to the Company’s by-laws.
Default events
The main default events are as follows:
• default on loan repayment obligations;

• breach of financial covenants;
• breach of some of the non-financial covenants;
• declaration of bankruptcy by some relevant Group companies or their involvement in other insolvency proceedings;
• issuing of particularly significant court orders;
• occurrence of events that may adversely and significantly affect the business, the assets or the financial conditions
of the Group.
Should a default event occur, the lenders are entitled to demand full or partial repayment of the amounts lent and not
yet repaid, together with interest and any other amount due. No collateral security is required.
Actual financial ratios reported at 31 December 2023 and 31 December 2022 are as follows:
31.12.2023 31.12.2022
EBITDA / Net finance costs(1)(2) 26.90x 27.26x
Net financial debt / EBITDA(1) 0.56x 0.83x

(1) The ratios are calculated on the basis of the definitions contained in the relevant credit agreements.
(2) This covenant does not apply to the Revolving Credit Facility 2023.
The above financial ratios comply with both covenants contained in the relevant credit agreements and there are no
instances of non-compliance with the financial and non-financial covenants indicated above.

33. Related party transactions
Transactions by Prysmian S.p.A. and its subsidiaries with associates mainly refer to:
• trade relations involving purchases and sales of raw materials and finished goods;
• services (technical, organisational and general) provided by head office for the benefit of group companies;
• recharge of royalties for the use of trademarks, patents and technological know-how by group companies.
The related party disclosures also include the compensation paid to Directors, Statutory Auditors and Key Management
Personnel.
All the above transactions form part of the Group’s continuing operations.
The following tables provide a summary of related party transactions and balances for the years ended 31 December
2023 and 31 December 2022:
31.12.2023
Compensation
of directors,
Equity- Total related
statutory Total reported Related party
(Euro/million) accounted parties
auditors and key amount % total
companies
management
personnel
Equity-accounted investments 218 - 218 218 100.0%
Trade receivables 3 - 3 1,987 0.2%
Other receivables 2 - 2 1,090 0.2%
Trade payables 4 - 4 2,199 0.2%
Other payables - 5 5 2,522 0.2%
Provisions for risks

- 5 5 811 0.6%
and charges
31.12.2022
Compensation
of directors,
companies
management
personnel
Equity-accounted investments 387 - 387 387 100.0%
Trade receivables - - - 1,942 0.0%
Other receivables 3 - 3 1,012 0.3%
Trade payables 17 - 17 2,718 0.6%
Other payables - 2 2 1,722 0.1%
Provisions for risks

- 8 8 696 1.1%
and charges

2023
Compensation
of directors,
companies
management
personnel
Other income 6 - 6 70 8.6%
Personnel costs - (13) (13) (1,804) 0.7%
Other expenses (6) (1) (7) (2,572) 0.3%
Share of net profit/(loss) of

33 - 33 33 100.0%
equity-accounted companies
2022
Compensation
of directors,
companies
management
personnel
Other income 7 - 7 70 10.0%
Personnel costs - (16) (16) (1,758) 0.9%
Other expenses (6) (2) (8) (2,525) 0.3%
Share of net profit/(loss) of

47 - 47 47 100.0%
equity-accounted companies
Transactions with associates
Trade and other payables refer to goods and services provided in the ordinary course of the Group’s business. Trade
and other receivables refer to transactions carried out in the ordinary course of the Group’s business.
Top management compensation
Top management compensation is analysed as follows:
Salaries and other short-term benefits - fixed part 4,482 4,540
Salaries and other short-term benefits - variable part 2,161 2,726
Other benefits 2,141 290
Share-based payments 3,937 8,923
Total 14,021 18,312
of which Directors 6,965 11,233
The amounts shown in the table are the costs recognised in profit or loss for the year.
At 31 December 2023, employee benefit obligations pertaining to top managers amounted to Euro 5 million.

34. Compensation of directors and statutory auditors
The compensation of the executive and non-executive Directors of Prysmian S.p.A. came to Euro 6.96 million in 2023
(Euro 11.2 million in 2022).
The compensation of the Statutory Auditors of Prysmian S.p.A. came to Euro 0.2 million in 2023, the same as the year
before. Compensation includes emoluments, and any other types of remuneration, pension and medical benefits,
received for their service as Directors or Statutory Auditors of Prysmian S.p.A. and other companies included in the
scope of consolidation, and that have constituted an expense for Prysmian.
35. Atypical and/or unusual transactions

36. Significant non-recurring events and transactions

As required by Consob Communication DEM/6064293 dated 28 July 2006 and in accordance with the ESMA
Guidelines/2015/1415, the following table presents the effects of non-recurring events and transactions on profit
or loss:
Non-recurring other income/(expenses)
Antitrust (9) (47)
Non-recurring other finance income/(costs)
Non-recurring other finance income/(costs) 2 -
Total (7) (47)
37. Statement of cash flows

The decrease in net working capital provided Euro 197 million in cash flow. After Euro 328 million in tax payments
and Euro 13 million in dividend receipts, operating activities in 2023 therefore generated a net cash inflow of Euro
1,416 million, which included Euro 4 million for antitrust matters.
Net operating capital expenditure used Euro 624 million in cash in 2023, a large part of which relating to projects
to increase and rationalise production capacity and to develop new products. More details can be found in Note 1.
Property, plant and equipment of these Explanatory Notes.
Cash flow from financing activities was influenced by the distribution of dividends, amounting to Euro 165 million.
Finance costs paid, net of finance income received, came to Euro 72 million.
38. Information pursuant to art.149-Duodecies of the consob issuer regulations

Pursuant to art. 149-duodecies of the Consob Issuer Regulations, the following table shows the fees in 2023 for audit
work and other services provided by the independent auditors EY S.p.A. and companies in the EY network:

(Euro/million) Recipient Supplier of services Fees for 2023 Fees for 2022
Parent Company - Prysmian S.p.A. EY S.p.A 821 798
Italian subsidiaries EY S.p.A 496 461

Audit services
Foreign subsidiaries EY S.p.A 1,315 1,360
Foreign subsidiaries Rete EY 2,000 1,925
Parent Company - Prysmian

EY S.p.A 230 303
S.p.A.
Certification services
Italian subsidiaries EY S.p.A 12 15
Foreign subsidiaries (1) EY network 47
Parent Company - Prysmian S.p.A. EY S.p.A 60 60
Other services Italian subsidiaries EY S.p.A - 20
Foreign subsidiaries (1) EY network 125 161
Total 5,106 5,103

(1) Tax and other services.
39. Basis of consolidation and accounting policies

The financial statements of the Group’s consolidated operating companies have been prepared for the financial
years ended 31 December 2023 and 31 December 2022, and have been specifically and appropriately adjusted, where
necessary, to bring them into line with the Group’s accounting policies and principles.
Subsidiaries
The Group consolidated financial statements include the financial statements of Prysmian S.p.A. (the Parent Company)
and the subsidiaries over which the Parent Company exercises direct or indirect control. Subsidiaries are consolidated
from the date control is acquired until the date such control ceases. Specifically, control exists when the parent Prysmian
S.p.A. has all of the following:
• decision-making power, meaning the ability to direct the investee’s relevant activities, i.e. the activities that
significantly affect the investee’s returns;
• exposure, or rights, to variable returns from its involvement with the investee;
• the ability to use its power.
The existence of potential voting rights exercisable at the reporting date is also taken into consideration for the
purposes of determining control.
Subsidiaries are consolidated on a line-by-line basis commencing from the date control is effectively obtained by the
Group; at the date of obtaining control, the carrying amount of an investment is eliminated against the corresponding
portion of the investee’s equity by allocating its fair value to individual assets, liabilities and contingent liabilities. Any
residual difference, if positive, is recognised as “Goodwill”. If the acquisition is achieved in stages, the entire investment
is remeasured at fair value on the date control is obtained; after this date, any additional acquisitions or disposals of
equity interests, without a change of control, are treated as transactions between owners recognised in equity. Costs
incurred for the acquisition are always expensed immediately to profit or loss; changes in contingent consideration are
recognised in profit or loss. The share of equity and share of the result for the period attributable to non-controlling
interests are presented separately within the financial statements. Subsidiaries cease to be consolidated from the date
control is transferred to third parties; the disposal of an equity interest involving a loss of control results in recognising
in profit or loss
1. the gain or loss arising on the difference between the consideration received and the respective share of equity
transferred to third parties,
2. any amounts relating to the subsidiary recognised in other comprehensive income that may be reclassified to
profit or loss and
3. the gain or loss from adjusting any non-controlling interest retained by Prysmian to its fair value calculated at the
date control is lost.

Associates and joint arrangements: joint ventures and joint operations
Associates are those entities over which the Group has significant influence. Investments in associates are accounted
for using the equity method and are initially recorded at cost.
Companies managed under contractual arrangements whereby two or more parties, who share control through
unanimous consent, have the power to make relevant decisions and govern the exposure to variable future returns,
qualify as joint operations and as such are accounted for in the joint operator’s accounts directly in proportion to
the interest held in the joint operation. In addition to recording the relevant share of assets, liabilities, revenues and
expenses, a joint operator also recognises its obligations under the related arrangement. Equally, if a party participates
in, but does not have joint control of, a joint operation, it nonetheless recognises in its own financial statements its
share of the joint operation’s assets and liabilities, revenues and expenses as well as its contractual obligations under
the arrangement.
Other investments in joint ventures, over which significant influence is exercised but which do not qualify as joint
operations, are accounted for using the equity method.
Like in the 2022 consolidated financial statements, the Indian company Ravin Cables Limited is not under the Group’s
control for the reasons described in more detail below.
Ravin Cables Limited
In January 2010, Prysmian acquired a 51% interest in the Indian company Ravin Cables Limited (“Ravin”), with the
remaining 49% held by other shareholders directly or indirectly associated with the Karia family (the “Local Shareholders”).
Under the agreements signed with the Local Shareholders, after a limited transition period, management of Ravin
would be transferred to a Chief Executive Officer appointed by Prysmian. However, this failed to happen and, in breach
of the agreements, Ravin’s management remained in the hands of the Local Shareholders and their representatives.
Consequently, having now lost control, Prysmian ceased to consolidate Ravin and its subsidiary Power Plus Cable Co.
LLC. with effect from 1 April 2012. In February 2012, Prysmian found itself forced to initiate arbitration proceedings before
the London Court of International Arbitration (LCIA), requesting that the Local Shareholders be declared in breach of
contract and ordered to sell the shares representing 49% of Ravin’s share capital to Prysmian. In a ruling handed down
in April 2017, the LCIA upheld Prysmian’s claims and ordered the Local Shareholders to sell the shares representing 49%
of Ravin’s share capital to Prysmian. However, the Local Shareholders did not voluntarily enforce the arbitration award
and so Prysmian had to initiate proceedings in the Indian courts in order to have the arbitration award recognised in
India. Having gone through two levels of the court system, these proceedings were finally concluded on 13 February
2020 with the pronouncement of a ruling by the Indian Supreme Court under which the latter definitively declared the
arbitration award enforceable in India.
In view of the continuing failure of the Local Shareholders to comply voluntarily, Prysmian has requested the Mumbai
court to enforce the arbitration award so as to purchase the shares representing 49% of Ravin’s share capital as soon
as possible. This case is currently still in progress and so control of the company is considered to have not yet been
acquired.
Translation of foreign operation financial statements
The assets and liabilities of consolidated foreign operations expressed in currencies other than the Euro are translated
using the closing exchange rate on the reporting date; revenues and expenses are translated at the average exchange
rate prevailing in the reporting period. The resulting translation differences are presented in equity, specifically in the
“Currency translation reserve” included in other comprehensive income, until disposal of the related foreign operation.
Foreign currency transactions are recorded at the exchange rate prevailing on the transaction date. Monetary assets
and liabilities are translated at the closing exchange rate on the reporting date. Exchange differences arising on
translation and those realised on the settlement of transactions are recorded in finance income and costs.
Hyperinflationary economies
IAS 29 - Financial Reporting in Hyperinflationary Economies establishes that if a foreign entity operates in a
hyperinflationary economy, revenues and expenses are translated using the exchange rate current at the reporting
date; accordingly, all amounts in the income statement are restated by applying the change in the general price index
between the date when income and expenses were initially recorded in the financial statements and the reporting date.
The Group controls companies based in Turkey, a country that has qualified since 2022 for treatment as a hyperinflationary
economic environment, in accordance with international accounting standards. Cumulative consumer price inflation
over the past 3 years reached 268% in December 2023.

In accordance with IAS 29, the restatement of financial statements as a whole requires the application of specific
procedures as well as judgement. With reference to the income statement, income and expenses have been restated
by applying the change in the general price index. The income statement thus restated has been translated into
Euro at the closing rate on 31 December 2023 instead of at the reporting period’s average rate. The application of the
standard to the Turkish subsidiaries has had a negative impact of Euro 3 million on net sales and a negative impact of
Euro 6 million on net profit.
With reference to the statement of financial position, monetary items have not been restated because they are already
expressed in terms of the monetary unit current at the end of the reporting period; non-monetary assets and liabilities
have been revalued from the date the assets and liabilities were originally recorded through until the reporting date.
This has resulted in the recognition of an overall expense of Euro 7 million, reported in the income statement under
net Finance income (costs).
This standard accounting has been applied to the subsidiary in Argentina since 1 July 2018. Inflation in Argentina has
accelerated even more in 2023, causing cumulative consumer price inflation over the last 3 years to reach 816%. The
income statement thus restated has been translated into Euro at the closing rate on 31 December 2023 instead of at
the average rate for the reporting period. The effects coming from the application of the standard for the Argentine
subsidiary resulted in a negative change in sales of Euro 43 million and a negative impact on net income of Euro 28
million. With regard to the balance sheet, the monetary items have not been restated as they are already expressed in
the unit of measurement current at the end of the period; Non-cash assets and liabilities were revalued from the date
on which the assets and liabilities were initially recognised until the end of the period. This resulted in the recognition
of a total income of Euro 8 million, which was recognised in the profit and loss under net financial income (expense).
It should be noted that as of 1 January 2024, the Argentine company switched its functional currency from the Argentine
peso to the US dollar. IAS 29 will therefore no longer be applied to the Argentine subsidiary.
The exchange rates applied are as follows:
Closing rates at Period average rates
31.12.2023 31.12.2022 2023 2022
Europe
British Pound 0.869 0.887 0.870 0.853
Swiss Franc 0.926 0.985 0.972 1.005
Hungarian Forint 382.80 400.87 381.85 391.29
Norwegian Krone 11.241 10.514 11.425 10.103
Swedish Krona 11.096 11.122 11.479 10.630
Czech Koruna 24.724 24.116 24.004 24.566
Danish Krone 7.453 7.437 7.451 7.440
Romanian Leu 4.976 4.950 4.947 4.931
Turkish Lira 32.633 19.971 25.732 17.396
Polish Zloty 4.340 4.681 4.542 4.686
Russian Rouble 99.192 75.655 92.241 72.549
North America
US Dollar 1.105 1.067 1.081 1.053
Canadian Dollar 1.464 1.444 1.459 1.369

Closing rates at Period average rates
31.12.2023 31.12.2022 2023 2022
South America
Colombian Peso 4,268 5,172 4,675 4,474
Brazilian Real 5.350 5.565 5.401 5.439
Argentine Peso 893.337 188.959 319.536 137.751
Chilean Peso 977.070 913.820 908.197 917.925
Costa Rican Colón 575.561 631.449 586.940 680.721
Mexican Peso 18.723 20.856 19.183 21.187
Peruvian Sol 4.082 4.046 4.047 4.038
Oceania
Australian Dollar 1.626 1.569 1.629 1.517
New Zealand Dollar 1.750 1.680 1.762 1.658
Africa
CFA Franc 655.957 655.957 655.957 655.957
Angolan Kwanza 920.402 541.198 746.207 486.921
Tunisian Dinar 3.394 3.322 3.356 3.251
South African Rand 20.348 18.099 19.955 17.209
Asia
Chinese Renminbi (Yuan) 7.851 7.358 7.660 7.079
United Arab Emirates Dirham 4.058 3.917 3.971 3.868
Bahraini Dinar 0.415 0.401 0.407 0.396
Hong Kong Dollar 8.631 8.316 8.465 8.245
Singapore Dollar 1.459 1.430 1.452 1.451
Indian Rupee 91.905 88.171 89.300 82.686
Indonesian Rupiah 17.080 16.520 16.480 15.625
Japanese Yen 156.330 140.660 151.990 138.027
Thai Baht 37.973 36.835 37.631 36.856
Philippine Peso 61.283 59.320 60.163 57.314
Omani Rial 0.425 0.410 0.416 0.405
Malaysian Ringgit 5.078 4.698 4.932 4.628
Qatari Riyal 4.022 3.882 3.936 3.834
Saudi Riyal 4.144 4.000 4.055 3.949

39.1 TRANSLATION OF TRANSACTIONS IN CURRENCIES OTHER THAN THE FUNCTIONAL CURRENCY
Transactions in currencies other than the functional currency of the company which undertakes the transaction are
translated using the exchange rate applicable at the transaction date.
Draka NK Cables (Asia) Pte Ltd (Singapore), Draka Philippines Inc. (Philippines), Draka Durango S. de R.L. de C.V.,
Draka Mexico Holdings S.A. de C.V., Prysmian Cables y Sistemas de Mexico S. de R.L. de C.V., Cobre Cerrillos S.A.
(Cile) and NK Mexico Holdings S.A. de C.V. (Mexico) present their financial statements in a currency other than
that of the country they operate in, as their main transactions are not conducted in the local currency but in their
reporting currency.
Foreign currency exchange gains and losses arising on completion of transactions or on the year-end translation of
assets and liabilities denominated in foreign currencies are recognised in profit or loss.
Exchange differences arising on any loans between group companies that form part of the reporting entity’s net
investment in a foreign operation are recognised in other comprehensive income and reclassified from equity to profit
or loss on disposal of the net investment.
39.2 PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment are stated at the cost of acquisition or production, net of accumulated depreciation
and any impairment. Cost includes expenditure directly incurred to prepare the assets for use, as well as any costs for
their dismantling and removal which will be incurred as a consequence of contractual or legal obligations requiring
the asset to be restored to its original condition.
Depreciation is charged on a straight-line, monthly basis using rates that allow assets to be depreciated until the end of
their useful lives. When assets consist of different identifiable components, whose useful lives differ significantly from
each other, each component is depreciated separately using the component approach.
The indicative useful lives estimated by the Group for the various categories of property, plant and equipment are as
follows:
Land Not depreciated
Buildings 25-50 years
Plant 10-25 years
Machinery 10-25 years
Equipment and Other assets 3-10 years
The residual values and useful lives of property, plant and equipment are reviewed and adjusted, if appropriate, at least
at the end of each full-year reporting period.
From time to time the Group is required to dry dock its cable-laying vessels in order to carry out inspections and
maintenance. Dry-docking costs include the replacement of parts and major repairs and maintenance. These costs
are incurred as part of periodically scheduled inspections and result in future economic benefits.
For this reason, the Group capitalises dry-docking costs as they occur and depreciates them on a straight-line basis
over a period of 3 to 5 years, which is generally the period until the next scheduled dry-docking.
If the period until the next scheduled dry-docking is shorter than expected, any undepreciated dry-docking costs are
immediately expensed to profit or loss before the next scheduled dry-docking.
Right-of-use assets under IFRS 16
A lease is a contract that guarantees the right to use an asset (the leased asset) for a period of time in exchange for a
payment or a series of payments.
At the date leased assets become available for use, lessees shall recognise the rights of use as non-current assets and
a corresponding financial liability.

Lease payments are divided into interest expense, recognised in profit or loss, and repayment of principal, accounted
for as a reduction in the financial liability. Right-of-use assets are depreciated every month on a straight-line basis over
the shorter of the lease term and the estimated useful lives of the assets.
Right-of-use assets and lease liabilities are initially measured at the present value of future lease payments.
The present value of lease liabilities includes the following payments:
• fixed payments;
• variable lease payments that depend on an index or a rate;
• exercise price of a purchase option reasonably certain to be exercised;
• payments of penalties for terminating the lease if the termination option is reasonably certain to be exercised;
• optional payments after the non-cancellable period, if the lease is reasonably certain to be extended beyond the
non-cancellable period.
Future lease payments are discounted using the incremental borrowing rate. This is based on the risk-free rate of the
country in which the contract is negotiated and on the term of the lease, and is also adjusted for the Group’s credit
spread.
Lease extension options are considered for the purposes of determining the lease term, if reasonably certain to be
exercised.
Right-of-use assets are measured at cost, whose initial amount is equal to the lease liability.
The Group applies the exemption for short-term leases since their accounting under IFRS 16 is not considered to have
a significant impact on the overall lease liability.
The financial liability recognised under IFRS 16, amounting to Euro 304 million, is analysed by maturity as follows:
31.12.2023
Less than From From More than

(Euro/million)
1 year 1 to 2 years 2 to 5 years 5 years
Debiti per leasing 70 43 95 96
The following table reports movements in right-of-use assets recognised in Property, plant and equipment in
accordance with IFRS 16:
Plant and Other

(Euro/million) Land Buildings Equipment Total
machinery assets
Balance at 31 December 2022 14 106 14 9 55 198
Movements in 2023:
- Investments 2 37 1 2 111 153
- Depreciation and impairment (1) (27) (2) (5) (33) (68)
- Currency translation differences - (1) 2 - (1) -
Of which:
- Historical cost 18 182 21 19 219 459
- Accumulated depreciation (3) (67) (6) (13) (87) (176)
Net book value 15 115 15 6 132 283

Plant and Other
(Euro/million) Land Buildings Equipment Total
machinery assets
Movements in 2022:
- Investments - 35 5 2 16 58
- Depreciation 1 1 - - 1 3
- Currency translation differences (1) (23) (1) (5) (29) (59)
- Other - - (1) 1 - -
Of which:
- Historical cost 17 164 19 20 128 348
- Accumulated depreciation (3) (58) (5) (11) (73) (150)
Net book value 14 106 14 9 55 198
39.3 GOODWILL AND OTHER INTANGIBLE ASSETS
Goodwill
Goodwill represents the difference between the cost incurred for acquiring a controlling interest (in a business) and
the fair value of the assets and liabilities identified at the acquisition date. Goodwill is not amortised, but is tested for
impairment at least annually to identify any impairment losses. This test is carried out with reference to the cash-
generating unit (“CGU”) or group of CGUs to which goodwill is allocated and at which level it is monitored. More
information can be found in Note 2. Goodwill and Other intangible assets.
Other intangible assets

Other intangible assets are recognised in the financial statements at acquisition cost and/or production cost, including
all costs directly attributable to make the assets available for use, net of accumulated amortisation and any impairment.
Amortisation commences when the asset is available for use and is calculated on a straight-line basis over the asset’s
estimated useful life. Other intangible assets have a finite useful life.
Other intangible assets include Patents, concessions, licences, trademarks and similar rights and Software. These
assets are recognised at acquisition cost and amortised on a straight-line basis over their useful lives.
39.4 IMPAIRMENT OF PROPERTY, PLANT AND EQUIPMENT AND FINITE-LIFE INTANGIBLE ASSETS
Property, plant and equipment, rights to use such assets and finite-life intangible assets are analysed at each
reporting date for any evidence of impairment. If such evidence is identified, the recoverable amount of these
assets is estimated and any impairment loss relative to carrying amount is recognised in profit or loss. The
recoverable amount is the higher of the fair value of an asset, less costs to sell, and its value in use, where the latter
is the present value of the estimated future cash flows of the asset, also taking into account the issues described in
the paragraph on “Risks related to climate change”. The recoverable amount of an asset which does not generate
largely independent cash flows is determined in relation to the cash-generating unit to which the asset belongs.
In calculating an asset’s value in use, the expected future cash flows are discounted using a discount rate reflecting
current market assessments of the time value of money, in relation to the period of the investment and the
specific risks associated with the asset. Additional information about the measurement of cash-generating units
can be found in Note 40. Estimates and assumptions.

39.5 FINANCIAL ASSETS
In accordance with IFRS 9 - Financial instruments, financial assets are initially recorded at fair value and classified in
one of the following categories on the basis of their nature and the purpose for which they were acquired:
a. Financial assets at amortised cost;

b. Financial assets at fair value through profit or loss (FVPL);
c. Financial assets at fair value through other comprehensive income (FVOCI).
Financial assets are derecognised when the right to receive cash flows from the instrument expires and the Group has
substantially transferred all the risks and rewards of ownership of the instrument and the related control.
(a) Financial assets at amortised cost

The Group classifies in this category receivables and securities that it expects to hold to maturity, meaning that it
receives payments of interest and principal from such assets on specified due dates.
Assets at amortised cost are classified in the statement of financial position under “Financial assets at amortised cost”
and presented as current or non-current assets depending on whether their contractual maturity is less or more than
twelve months from the reporting date.
These assets are reported at amortised cost and written down if any impairment is identified.
(b) Financial assets at fair value through profit or loss (FVPL)

Financial assets classified in this category are represented by instruments held for trading, having been acquired for
the purpose of selling in the near term and/or complex instruments whose cash flows cannot be identified simply as
principal and interest.
Financial assets at fair value through profit or loss are measured at fair value, with gains and losses from changes in fair
value reported in the income statement under “Finance income” and “Finance costs”, in the period in which they arise.
Assets in this category are classified as current assets.
(c) Financial assets at fair value through other comprehensive income (FVOCI)
The Group uses this category to record equity investments it does not expect to dispose of in the near term and with
which it has no controlling relationship, classified as non-current assets, and financial assets in which it invests its
liquidity and whose disposal date is not known, classified as current assets.
The above equity investments are measured at fair value through OCI. Dividends from such investments are recognised
in finance income.
Financial assets classified in this category are measured at fair value through OCI. Interest from financial assets classified
at fair value through OCI is recognised in finance income. When these instruments are sold, the related equity reserve
is recycled to profit or loss.
39.6 DERIVATIVES
Metal derivatives
Metal derivatives not designated as hedging instruments are recognised at fair value through profit or loss. The
related income and expenses are classified in operating income and expenses. They are recognised as current assets
or liabilities in the statement of financial position if they mature within twelve months, otherwise they are classified as
non-current assets or liabilities.
The Group has designated certain derivatives denominated in EUR, GBP, USD and RMB entered into with brokers
and aimed at mitigating the risk of copper and aluminium price fluctuations, as cash flow hedges, being hedging
instruments associated with highly probable transactions.
In addition, since the qualifying conditions have been met, the Group has extended cash flow hedge accounting to
derivatives contracted from 1 January 2023 and intended to hedge the risk of fluctuations in gas, electricity and lead
prices.
All derivatives designated as cash flow hedges are recognised at fair value through equity, and therefore designated as
hedging instruments. These derivative financial instruments, which qualify for recognition as hedging instruments, are
designed to hedge the price risk of commodities that are the subject of highly probable future purchase transactions
(hedged items).

A derivative that sets the commodity’s purchase price is designated as a hedging instrument, since it relates to a
physical commodity purchase that will be made. When the physical purchase is made, the Group unwinds the buy
derivatives with sell derivatives.
The effectiveness of the hedging relationships is assessed from the inception of each derivative instrument until it is
closed out. The fair values of the various derivative financial instruments used as hedging instruments and movements
in the “Cash flow hedge reserve” forming part of equity are presented in Note 8. Derivatives.
Interest rate derivatives

Interest rate derivatives not designated as hedging instruments are recognised at fair value through profit or loss.
The related income and expenses are classified in finance income and costs. They are recognised as current assets or
liabilities in the statement of financial position if they mature within twelve months, otherwise they are classified as
non-current assets or liabilities.
Interest rate derivatives designated as hedging instruments are recognised at fair value through other comprehensive
income. When the derivative matures, the related reserve is recycled to profit or loss as finance income and costs.
The relationship between the hedged item and the designated interest rate hedge must be documented. The
effectiveness of each hedge is reviewed both at the derivative’s inception and during its life cycle. In particular, interest
rate derivatives designated as hedging instruments are intended to hedge the risk of cash flow volatility linked to
finance costs originating from variable rate debt.
Forex derivatives
Forex derivatives not designated as hedging instruments are recognised at fair value through profit or loss. The related
income and expenses are classified in finance income and costs. They are recognised as current assets or liabilities in
the statement of financial position if they mature within twelve months, otherwise they are classified as non-current
assets or liabilities.
Forex derivatives designated as hedging instruments are recognised at fair value through other comprehensive
income. When the derivative matures, the related reserve is recycled to profit or loss.
The relationship between the hedged item and the designated forex hedge must be documented. The effectiveness
of each hedge is reviewed both at the derivative’s inception and during its life cycle. In particular, forex derivatives
designated as hedging instruments are intended to hedge exchange rate risk on contracts or orders.
These hedging relationships aim to reduce cash flow volatility due to exchange rate fluctuations affecting future
transactions. In particular, the hedged item is the value in the company’s unit of account of a cash flow expressed
in another currency that is expected to be received/paid under a contract or an order whose amount exceeds the
minimum thresholds set by the Group: all cash flows thus identified are therefore designated as hedged items in the
hedging relationship. The reserve originating from changes in the fair value of derivative instruments is transferred
to profit or loss according to the stage of completion of the contract itself, where it is classified as contract revenue/
costs.
39.7 TRADE AND OTHER RECEIVABLES
Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost, net
of the allowance for doubtful accounts. Impairment of receivables is recognised on the basis of Expected Credit Loss
(ECL). ECLs are based on the difference between the cash flows due by contract and all the cash flows that the Group
expects to receive, discounted at an original effective interest rate.
The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are
integral to the contractual terms.
ECLs are recognised in two stages.
• For credit exposures for which there has not been a significant increase in credit risk since initial recognition,
ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a
12-month ECL).
• For those credit exposures for which there has been a significant increase in credit risk since initial recognition,
a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the
timing of the default (a lifetime ECL).
The Group adopts a simplified approach to calculating ECLs for trade receivables and contract assets: it does not track
changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date.

The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-
looking factors specific to the debtors and the economic environment.
The Group makes use of without-recourse factoring of trade receivables. These receivables are derecognised because
such transactions transfer substantially all the related risks and rewards of the receivables to the factor.
39.8 INVENTORIES
Inventories are recorded at the lower of purchase or production cost and net realisable value, defined as the amount
the Group expects to obtain from their sale in the normal course of business, net of selling costs. The cost of inventories
of raw materials, ancillaries and consumables, as well as finished products and goods is determined using the FIFO
(first-in, first-out) method.
The exception is inventories of non-ferrous metals (copper, aluminium and lead) and quantities of such metals
contained in semi-finished and finished products, which are valued using the weighted average cost method.
The cost of finished and semi-finished products includes design costs, raw materials, direct labour costs and other
production costs (calculated on the basis of normal operating capacity).
39.9 CONSTRUCTION CONTRACTS
Construction contracts (hereafter also “contracts”) are recognised at the value agreed in the contract, in accordance
with the percentage of completion method, taking into account the progress of the project and the expected
contractual risks. The progress of a project is measured by reference to the contract costs incurred at the reporting
date in relation to the total estimated costs for each contract. When the outcome of a contract cannot be estimated
reliably, the contract revenue is recognised only to the extent that the costs incurred are likely to be recovered. When
the outcome of a contract can be estimated reliably, and it is probable that the contract will be profitable, contract
revenue is recognised over the term of the contract. When it is probable that total contract costs will exceed total
contract revenue, the potential loss is recognised immediately as an expense.
If the contract contains a warranty other than those used in standard market practice, this warranty is recognised
separately.
The Group reports as assets the gross amount due from customers for construction contracts, where the costs incurred,
plus recognised profits (less recognised losses), exceed the billing of work-in-progress; such assets are reported in
“Other receivables”. Amounts billed but not yet paid by customers are reported under “Trade receivables”.
The Group records as liabilities the gross amount due to customers for all construction contracts where billing exceeds
the costs incurred plus recognised profits (less recognised losses). Such liabilities are reported under “Other payables”.
39.10 CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash, demand bank deposits and other short-term investments, with a maturity
of three months or less. Current account overdrafts are classified as financial payables under current liabilities in the
statement of financial position.
39.11 TRADE AND OTHER PAYABLES
Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost.
39.12 BORROWINGS FROM BANKS AND OTHER LENDERS
Borrowings from banks and other lenders are initially recognised at fair value, less directly attributable costs.
Subsequently, they are measured at amortised cost, using the effective interest method.
If the estimated expected cash flows should change, the value of the liabilities is recalculated to reflect this change
using the present value of the expected new cash flows and the effective internal rate originally established. Borrowings
from banks and other lenders are classified as current liabilities, unless the Group has an unconditional right to defer
their payment for at least twelve months after the reporting date.
Borrowings from banks and other lenders are derecognised when they are extinguished and when the Group has
transferred all the risks and expense relating to such instruments.

39.13 EMPLOYEE BENEFITS
The Group operates both defined contribution plans and defined benefit plans.
Defined contribution plans

A defined contribution plan is a plan under which the Group pays fixed contributions to third-party fund managers
and to which there are no legal or other obligations to pay further contributions should the fund not have sufficient
assets to meet the obligations to employees for current and prior periods.
In the case of defined contribution plans, the Group pays contributions, voluntarily or as established by contract, to
public and private pension insurance funds. The Group has no obligations subsequent to payment of such contributions,
which are recognised as personnel costs on an accrual basis. Prepaid contributions are recognised as an asset which
will be repaid or used to offset future payments, if due.
Defined benefit plans

In defined benefit plans, the total benefit payable to the employee can be quantified only after the employment
relationship ceases, and is linked to one or more factors, such as age, years of service and remuneration; the related cost
is therefore charged to the period’s income statement on the basis of an actuarial calculation. The liability recognised
for defined benefit plans corresponds to the present value of the obligation at the reporting date, less the fair value of
the plan assets, where applicable.
Obligations for defined benefit plans are determined annually by an independent actuary using the projected unit
credit method. The present value of a defined benefit plan is determined by discounting the future cash flows at
an interest rate equal to that of high-quality corporate bonds issued in the liability’s settlement currency and which
reflects the duration of the related pension plan. Actuarial gains and losses arising from the above adjustments and
changes in actuarial assumptions are recorded among the components of other comprehensive income.
Past service costs resulting from a plan amendment are recognised immediately as an expense in the period the plan
amendment occurs.
Other post-employment obligations

Some Group companies provide medical benefit plans for retired employees. The expected cost of these benefits is
accrued over the period of employment using the same accounting method as for defined benefit plans. Actuarial
gains and losses arising from the valuation and the effects of changes in the actuarial assumptions are accounted for
in equity. These liabilities are valued annually by a qualified independent actuary.
Termination benefits
The Group recognises termination benefits when it can be shown that the termination of employment complies with
a formal plan communicated to the parties concerned that establishes termination of employment, or when payment
of the benefit is the result of voluntary redundancy incentives. Termination benefits payable more than twelve months
after the reporting date are discounted to present value.
39.14 PROVISIONS FOR RISKS AND CHARGES
Provisions for risks and charges are recognised for losses and charges of a definite nature, whose existence is certain or
probable, but the amount and/or timing of which cannot be determined reliably. A provision is recognised only when
there is a current (legal or constructive) obligation for a future outflow of economic resources as the result of past events
and it is likely that this outflow is required to settle the obligation. Such amount is the best estimate of the expenditure
required to settle the obligation. Where the effect of the time value of money is material and the obligation settlement
date can be estimated reliably, the provisions are stated at the present value of the expected outlay, using a rate that
reflects market conditions, the variation in the time value of money, and risks specific to the obligation.
Increases in the provision due to changes in the time value of money are accounted for as interest expense.
Risks for which the emergence of a liability is only possible but not remote are reported in the disclosures about
commitments and contingencies and no provision is recognised.
Any contingent liabilities accounted for separately when allocating the cost of a business combination, are measured at
the higher of the amount obtained under the method described above for calculating provisions for risks and charges
and the liability’s original present value.
Additional details can be found in Note 29. Contingent liabilities.
Provisions for risks and charges include an estimate of legal costs to be incurred if such costs are incidental to the
discharge of the provision to which they refer.

39.15 REVENUE RECOGNITION
Revenue is recognised at the fair value of the consideration received for the sale of goods and services in the ordinary
course of the Group’s business. Revenue is recognised net of value-added tax, rebates, discounts and expected returns.
Revenue is accounted for as follows:
Sale of goods
Revenue from the sale of goods is recognised at the point in time when control of the asset is transferred to the
customer, normally coinciding with shipment or delivery of the goods and acceptance by the customer.
The Group checks whether there are conditions in the contract that represent separate performance obligations to
which a portion of the transaction price must be allocated (e.g., warranties), as well as the effects arising from the
presence of any variable consideration, significant financing components or non-cash consideration payable to the
customer. In the case of variable consideration, this is estimated based on the amount to which the Group will be
entitled when the goods are transferred to the customer; such consideration is estimated at contract inception and is
recognised only when it is highly probable.
The Group grants discounts to certain customers when the quantity of products purchased during the period exceeds
a threshold specified in the contract.
Discounts are offset against amounts payable by the customer. To estimate the variable consideration for expected
discounts, the Group applies the “most likely amount” method for contracts with a single-volume discount threshold
and the “expected value” method for contracts with multiple thresholds. Generally, the Group receives short-term
advances from its customers and the agreed amount of consideration is not adjusted for the effects of a significant
financing component if it expects, at contract inception, that the period between transfer of the promised good or
service to the customer and related customer payment will not exceed one year.
The method of recognising revenue for construction contracts is outlined in Note 39.9 Construction contracts.
39.16 GOVERNMENT GRANTS
Government grants are recognised on an accrual basis in direct relation to the costs incurred when there is a formal
resolution approving the grant and, when the right to the grant is assured since it is reasonably certain that the Group
will comply with the conditions for its receipt and that the grant will be received.
[a] Grants related to assets

Government grants for property, plant and equipment are recorded as deferred income under “Other payables”,
classified as current or non-current liabilities for the respective long-term and short-term portion of such grants.
Deferred income is recognised in “Other income” in the income statement on a straight-line basis over the useful life
of the asset to which the grant refers.
[b] Grants related to income

Grants other than those related to assets are credited to the income statement as “Other income”.
39.17 COST RECOGNITION
Costs are recognised for goods and services acquired or consumed during the reporting period or to make a systematic
allocation to match costs with revenues.
39.18 TAXES
Current taxes are calculated on the basis of taxable income for the year, applying the tax rates in force at the reporting
date.
Deferred taxes are calculated on all differences arising between the tax base of an asset or liability and the carrying
amount, except for goodwill and differences arising from investments in subsidiaries, where the timing of the reversal
of such differences is controlled by the Group and they are unlikely to reverse in a reasonably foreseeable future.
Deferred tax assets, including those relating to past tax losses, not offset by deferred tax liabilities, are recognised to
the extent it is likely that future taxable profit will be available against which they can be recovered.
Deferred taxes are determined using tax rates that are expected to apply in the years when the differences are realised
or extinguished, on the basis of tax rates that have been enacted or substantively enacted at the reporting date.

Current and deferred taxes are recognised in the income statement with the exception of those relating to items
recognised directly in equity, in which case the tax effect is accounted for directly in equity. Income taxes are offset
if they are levied by the same taxation authority, if there is a legally enforceable right to offset them and if the net
balance is expected to be settled. Other taxes not related to income, such as property tax, are accounted for in “Other
expenses”.
39.19 EARNINGS PER SHARE
[a] Basic earnings per share

Basic earnings per share are calculated by dividing the profit attributable to owners of the parent by the weighted
average number of ordinary shares outstanding during the reporting period, excluding treasury shares.
[b] Diluted earnings per share

Diluted earnings per share are calculated by dividing the profit attributable to owners of the parent by the weighted
average number of ordinary shares outstanding during the reporting period, excluding treasury shares. For the
purposes of calculating diluted earnings per share, the weighted average number of outstanding shares is adjusted
so as to include the exercise, by all those entitled, of existing rights with a potentially dilutive effect, while the profit
attributable to owners of the parent is adjusted to account for any post-tax effects of exercising such rights.
39.20 TREASURY SHARES
Treasury shares are reported as a deduction from equity. The original cost of treasury shares and revenue arising from
any subsequent sales are treated as movements in equity.
39.21 FINANCE INCOME AND COSTS
For all financial assets and liabilities measured at amortised cost and interest-bearing financial assets classified as at fair
value through other comprehensive income, interest income and interest expense are recognised using the effective
interest rate method. Interest income is recognised to the extent that it is probable that the economic benefits will flow
to the Group and its amount can be reliably measured.
40. Estimates and assumptions

The preparation of financial statements requires Management to apply accounting policies and methods which, at
times, rely on judgements and estimates based on past experience and assumptions deemed to be reasonable and
realistic under the circumstances. The application of these estimates and assumptions affects the amounts reported
in the financial statements, meaning the statement of financial position, the income statement, the statement of
comprehensive income and the statement of cash flows, as well as the accompanying disclosures. Ultimate amounts,
previously reported on the basis of estimates and assumptions, may differ from original estimates because of
uncertainty surrounding the assumptions and conditions on which the estimates were based.
The following is a brief description of the accounting policies that require Prysmian’s Management to exercise greater
subjectivity of judgement in making estimates and a change in whose underlying assumptions could have a material
impact on the consolidated financial statements.
[a] Provisions for risks and charges

Provisions are recognised for legal and tax risks to reflect the risk of an adverse outcome. The value of the provisions
recorded in the financial statements against such risks represents the best estimate by Management at the reporting
date. This estimate requires the use of assumptions that depend on factors which may change over time and
which could, therefore, materially impact the current estimates made by Management when preparing the Group
consolidated financial statements.
[b] Impairment of assets
Goodwill
The Group’s activities are organised in three operating segments: Projects, Energy and Telecom. The Projects segment
consists of the High Voltage, Submarine Power, Submarine Telecom and Offshore Specialties CGUs; the Energy
segment consists of a number of CGUs corresponding to the Regions or Countries in keeping with the organisation
structure; lastly, the Telecom segment consists of a single CGU that coincides with the operating segment itself.
Goodwill, acquired on the occasion of business combinations, has been allocated to groups of CGUs, corresponding to
the operating segments, which are expected to benefit from the synergies of such combinations and which represent

the lowest level at which Management monitors business performance. In accordance with the accounting standards
adopted and related impairment testing procedures, the Group tests annually whether Goodwill has suffered any
impairment loss. The recoverable amount is determined by calculating value in use, which requires the use of estimates.
More details about the Goodwill impairment test can be found in Note 2. Goodwill and Other intangible assets.
Property, plant and equipment and finite-life intangible assets

In accordance with the Group’s accounting policies and impairment testing procedures, property, plant and equipment
and intangible assets with finite useful lives are tested for impairment, recognised through write-down, when there are
indicators that their carrying amount may be difficult to recover through use. To verify the existence of these indicators
Management has to make subjective judgements based on information available within the Group and from the
market, as well as on past experience. If an impairment loss is identified, the Group will determine the amount of the
loss using suitable valuation techniques. Correct identification of indicators of potential impairment, as well as its very
measurement, depend on factors that may vary over time, thus influencing the judgements and estimates made by
Management. Prysmian has assessed during the course of 2023 whether there was any evidence that its CGUs might
be impaired. Further information can be found in Note 1. Property, plant and equipment.
[c] Climate change

The estimates and assumptions impacted by climate change are discussed in the relevant section of the Directors’
Report. The opportunities and impacts arising from climate change are also considered in the impairment tests.
[d] Depreciation and amortisation

The cost of property, plant and equipment and intangible assets is depreciated/amortised on a straight-line basis over
the estimated useful lives of the assets concerned. The useful economic life of Group property, plant and equipment
and intangible assets is determined by Management when the asset is acquired. This is based on past experience for
similar assets, market conditions and expectations regarding future events that could impact useful life, including
developments in technology. Therefore, actual economic life may differ from estimated useful life. The Group
periodically reviews technological and industry developments to update residual useful lives. This periodic review may
result in a revision of the depreciation/amortisation period and consequently of the depreciation/amortisation charge
for future years.
[e] Recognition of revenues and costs from construction contracts

The Group uses the percentage of completion method to account for long-term contracts. The margins recognised
in the income statement depend on the progress of the contract and its estimated margins upon completion. This
means that if work-in-progress and margins on as yet incomplete work are to be correctly recognised, Management
must have correctly estimated contract revenue and completion costs, including any contract variations and
any cost overruns and penalties that might reduce the expected margin. The percentage of completion method
requires the Group to estimate contract completion costs and involves making estimates dependent on factors that
could potentially change over time and could therefore have a significant impact on the recognition of revenue and
margins in the pipeline.
[f] Taxes
Consolidated companies are subject to different tax jurisdictions. A high level of judgement is needed to establish
the estimated global tax charge, also because of uncertain tax treatments. There are many transactions for which the
relevant tax liability is difficult to estimate at year end. The Group recognises liabilities for ongoing tax risks on the basis
of estimates, possibly made with the assistance of outside experts.
[g] Inventory valuation

Inventories are recorded at the lower of purchase cost (measured using the weighted average cost formula for non-
ferrous metals and the FIFO formula for all others) and net realisable value, net of selling costs. Net realisable value
is in turn represented by the value of firm sales orders in the order book, or failing that by the replacement cost of
the asset or raw material. If significant reductions in the price of non-ferrous metals were to be followed by order
cancellations, the loss in the value of inventories might not be fully offset by the penalties charged to customers for
cancelling their orders.
[h] Employee benefit obligations

The present value of the pension plans reported in the financial statements depends on an independent actuarial
calculation and on a number of different assumptions. Any changes in assumptions and in the discount rate used
are duly reflected in the present value calculation and may have a significant impact on the consolidated figures. The
assumptions used for the actuarial calculation are examined by the Group annually.
Present value is calculated by discounting future cash flows at an interest rate equal to that on high-quality
corporate bonds issued in the currency in which the liability will be settled and which takes account of the duration
of the related pension plan. Further information can be found in Note 15. Employee benefit obligations and Note 21.
Personnel costs.
[i] Incentive and share purchase plans

The employee share purchase plan, open to almost all the Group’s employees, offers them an opportunity to obtain
shares under preferential terms and conditions. The operation of this plan is described in Note 21. Personnel costs.

The grant of shares is subject to continued employment with the Group in the months between signing up to one
of the plan’s purchase windows and the purchase of the shares themselves on the equity market. The plan’s financial
and economic impact has therefore been estimated on the basis of the best possible estimates and information
currently available. The 2023-2025 incentive plan involves the allocation of a number of options calculated according
to the achievement of operational, economic and financial performance conditions. The plan’s financial and economic
impact has therefore been estimated on the basis of the best possible estimates and information available at the
valuation date. More details can be found in Note 21. Personnel costs.
The “BE IN” incentive plan provides for the grant of a number of options. Sometimes this number is determined on the
basis of the achievement of performance targets, as well as on the basis of employee participation. The plan’s financial
available at the valuation date. More details can be found in Note 21. Personnel costs.
41. Events after the reporting period

Prysmian and Telstra partner to expand optical cable manufacturing plant
On 30 January 2024, Telstra and Prysmian announced an expansion of Prysmian’s optical cable manufacturing plant
in Australia in order to produce the industry-leading fibre optic cable required for Telstra’s intercity fibre network,
using advanced technology aimed at reducing the project’s environmental impact. Telstra InfraCo is building the
intercity fibre network in response to the ever-growing demand for fast and capable digital networks. Sustainability
has continued to be a critical focus when developing manufacturing technology. The new fibre optic cable is 59%
smaller and 54% lighter than the previous design employed across Telstra’s existing fibre network. The reduced size
and weight allow an estimated 35,000 tonnes of CO₂ emissions to be saved during cable production and transport
over the life of the project. To support the rollout of this major project, Prysmian has invested in three key areas of
production to significantly increase the capacity of its Dee Why plant.
Prysmian launches innovative Sirocco Extreme 864-fibre cable
On 12 February 2024, Prysmian announced the launch of its revolutionary Sirocco Extreme 864f microduct cable,
setting a new standard of innovation for the industry. This groundbreaking cable features record diameters and
fibre density for blown microduct cables. The Sirocco Extreme 864f microduct cable contains 864 fibres in a 9.8mm
diameter, providing an unprecedented fibre density of 11.5 fibres per mm2. It can be installed in a 12 mm duct, pushing
the boundaries of what is possible in the telecom cable systems industry. Prysmian’s Sirocco Extreme microduct cables
use state-of-the-art BendBrightXS 180µm single-mode (ITU-T G.657.D, G.657.A2) bend-insensitive fibre, ensuring
compatibility with existing G.652 fibres and application in advanced systems.
Prysmian signs contracts with Amprion worth a total of around Euro 5 billion
On 15 February 2024, Prysmian signed contracts for three projects worth a total of around Euro 5 billion with Amprion,
one of Europe’s leading TSOs, for two offshore grid connection systems (BalWin1 and BalWin2), and the DC34
underground cable project. The contracts, which have now entered Prysmian’s order backlog, follow its selection as
preferred bidder in August 2023. This is the largest “bundle of contracts” ever awarded to Prysmian in terms of both
value and kilometres of cable. It involves a total of some 4,400 km of ±525 kV HVDC cables and DMR (Dedicated
Metallic Return) cables, of which around 3,400 km are land cables and 1,000 km submarine cables.
Prysmian signs a contract worth around €1.9 billion with eastern green link 2 limited
On 27 February 2024, Prysmian has finalized the contract worth in the region of €1.9 billion by Eastern Green Link 2
Limited, a joint venture between SSEN Transmission and National Grid Electricity Transmission plc, the UK electricity
transmission network owners. Under the contact, Prysmian will deliver a major HVDC cable system for the Eastern
Green Link 2 (EGL2) network development project that shall connect Scotland and England. The award of the EGL2
contract, which can now be added to the Prysmian order backlog, follows the earlier selection of Prysmian as the
exclusive preferred bidder in May 2023 and a subsequent commitment made in June 2023 to assure Prysmian’s
continued capacity availability for the project. The new connection is due to be operational in 2029.
Milan, 28 February 2024 ON BEHALF OF THE BOARD OF DIRECTORS

THE CHAIRMAN
Claudio De Conto

Scope of consolidation – Appendix A
The following companies have been consolidated line-by-line:
Share %
Legal name Office Currency Direct parent company
Capital ownership
Europe
Austria
Prysmian OEKW GmbH Wien Euro 2,053,008 100.00% Prysmian Cavi e Sistemi S.r.l.
Belgium
Leuven Euro 61,973 98.52% Draka Holding B.V.

Draka Belgium N.V.
1.48% Draka Kabel B.V.
Denmark
Prysmian Group Denmark A/S Albertslund Danish Krone 40,001,000 100.00% Draka Holding B.V.
Estonia
Prysmian Group Baltics AS Keila Euro 1,664,000 100.00% Prysmian Group Finland OY
Finland
Kirkkonummi Euro 100,000 77.7972% Prysmian Cavi e Sistemi S.r.l.
Prysmian Group Finland OY 19.9301% Draka Holding B.V.
2.2727% Draka Comteq B.V.
Francia
Prysmian (French) Holdings S.A.S. Paron Euro 129,026,210 100.00% Prysmian Cavi e Sistemi S.r.l.
Prysmian Cables et Systèmes

Sens Euro 136,800,000 100.00% Prysmian (French) Holdings S.A.S.
France S.A.S.
Draka Comteq France S.A.S. Paron Euro 246,554,316 100.00% Draka France S.A.S.
Sainte
Draka Fileca S.A.S. Euro 5,439,700 100.00% Draka France S.A.S.
Geneviève
Marne La
Draka Paricable S.A.S. Euro 5,177,985 100.00% Draka France S.A.S.
Vallée
Marne La
Draka France S.A.S. Euro 261,551,700 100.00% Draka Holding B.V.
Vallée
Marne La
P.O.R. S.A.S. Euro 100,000 100.00% Draka France S.A.S.
Vallée
Montreau-
Silec Cable, S. A. S. Euro 60,037,000 100.00% Grupo General Cable Sistemas, S.L.
Fault-Yonne
Sainte
EHC France S.A.R.L. Euro 310,717 100.00% EHC Global Inc.
Geneviève
Germany
Berlin Euro 15,000,000 93.75% Draka Deutschland GmbH

Prysmian Kabel
und Systeme GmbH
6.25% Prysmian S.p.A.
Prysmian Cable Industrial GmbH Berlin Euro 25,000 100.00% Prysmian Cavi e Sistemi s.r.l.
Prysmian
Deutsche
Unterstuetzungseinrichtung Eschweiler 50,000 100.00% Prysmian Kabel und Systeme GmbH
Mark
Lynen GmbH

Share %
Capital ownership
Deutsche
Berlin 46,000,000 50.10% Prysmian Netherlands B.V.
Draka Comteq Mark
Berlin GmbH & Co. KG
Euro 1 49.90% Draka Deutschland GmbH
Draka Comteq Germany

Koln Euro 25,000 100.00% Draka Comteq B.V.
Verwaltungs GmbH
Draka Comteq
Koln Euro 5,000,000 100.00% Draka Comteq B.V.
Germany GmbH & Co. KG
Draka Deutschland Erste

Wuppertal Euro 25,000 100.00% Draka Holding B.V.
Beteiligungs GmbH
Draka Deutschland Erste

Wuppertal Euro 25,000 90.00%
Beteiligungs GmbH
Draka Deutschland GmbH
Draka Deutschland Zweite
10.00%
Beteiligungs GmbH
Draka Deutschland Deutsche

Wuppertal 50,000 100.00% Prysmian Kabel und Systeme GmbH
Verwaltungs GmbH Mark
Draka Deutschland Zweite

Wuppertal Euro 25,000 100.00% Prysmian Netherlands B.V.
Beteiligungs GmbH
Prysmian Projects
Nordenham Euro 25,000 100.00% Draka Deutschland GmbH
Germany GmbH
Deutsche
Höhn GmbH Wuppertal 1,000,000 100.00% Draka Deutschland GmbH
Mark
Deutsche
Kaiser Kabel GmbH Wuppertal 9,000,000 100.00% Draka Deutschland GmbH
Mark
NKF Holding (Deutschland)

Wuppertal Euro 25,000 100.00% Prysmian Netherlands B.V.
GmbH i.L
Norddeutsche
Nordenham Euro 50,025,000 100.00% Grupo General Cable Sistemas, S.L.
Seekabelwerke GmbH
EHC Germany GmbH Baesweiler Euro 25,200 100.00% EHC Global Inc
U.K.
Prysmian Cables British

Eastleigh 113,901,120 100.00% Prysmian UK Group Ltd.
& Systems Ltd. Pound
Prysmian Construction British

Eastleigh 1 100.00% Prysmian Cables & Systems Ltd.
Company Ltd. Pound
British
Prysmian Cables (2000) Ltd. Eastleigh 1 100.00% Prysmian Cables & Systems Ltd.
Pound
British
Esher 39.08 63.84% Prysmian Cables & Systems Ltd.
Cable Makers Properties Pound
& Services Ltd.
36.16% Third Parties
British
Comergy Ltd. Eastleigh 1 100.00% Prysmian Cavi e Sistemi S.r.l.
Pound
Prysmian Pension British

Eastleigh 1 100.00% Prysmian S.p.A.
Scheme Trustee Ltd. Pound
British
Prysmian UK Group Ltd. Eastleigh 70,011,000 100.00% Draka Holding B.V.
Pound
British
Draka Comteq UK Ltd. Eastleigh 14,000,002 100.00% Prysmian UK Group Ltd.
Pound
British
Draka UK Ltd. Eastleigh 1 100.00% Prysmian UK Group Ltd.
Pound
British
Prysmian PowerLink Services Ltd. Eastleigh 46,000,100 100.00% Prysmian UK Group Ltd.
Pound

Share %
Capital ownership
British
Escalator Handrail (UK) Ltd. Eastleigh 2 100.00% EHC Global Inc.
Pound
Ireland
Prysmian Re Company
Dublin Euro 20,000,000 100.00% Prysmian Servizi S.p.A.
Designated Activity Company
Italy
Prysmian Cavi e Sistemi S.r.l. Milan Euro 50,000,000 100.00% Prysmian S.p.A.
Prysmian Cavi e Sistemi Italia S.r.l. Milan Euro 77,143,249 100.00% Prysmian S.p.A.
Prysmian Treasury S.r.l. Milan Euro 80,000,000 100.00% Prysmian S.p.A.
Prysmian PowerLink S.r.l. Milan Euro 100,000,000 100.00% Prysmian S.p.A.
Fibre Ottiche Sud - F.O.S. S.r.l. Battipaglia Euro 47,700,000 100.00% Prysmian S.p.A.
Electronic and Optical

Milan Euro 5,000,000 100.00% Prysmian S.p.A.
Sensing Solutions S.r.l.
Prysmian Servizi S.p.A. Milan Euro 3,000,000 100.00% Prysmian S.p.A.
Norway
Norwegian
Prysmian Group Norge AS Drammen 22,500,000 100.00% Draka Holding B.V.
Krone
The Netherlands
Draka Comteq B.V. Amsterdam Euro 1,000,000 100.00% Draka Holding B.V.
Draka Comteq Fibre B.V. Eindhoven Euro 18,000 100.00% Prysmian Netherlands Holding B.V.
Draka Holding B.V. Amsterdam Euro 52,229,320.50 100.000% Prysmian S.p.A.
Draka Kabel B.V. Amsterdam Euro 2,277,976.68 100.00% Prysmian Netherlands B.V.
Donne Draad B.V. Nieuw Bergen Euro 28,134.37 100.00% Prysmian Netherlands B.V.
Delft Euro 18,151.21 99.00% Draka Holding B.V.

NKF Vastgoed I B.V.
1.00% Prysmian Netherlands B.V.
Delft Euro 18,151.21 99.00% Draka Deutschland GmbH

NKF Vastgoed III B.V.
1.00% Prysmian Netherlands B.V.
Prysmian Netherlands B.V. Delft Euro 1 100.00% Prysmian Netherlands Holding B.V.
Prysmian Netherlands
Amsterdam Euro 1 100.00% Draka Holding B.V.
Holding B.V.
Poland
Prysmian Poland sp. z o.o. Sokolów Polish Zloty 394,000 100.000% Draka Holding B.V.
Portugal
General Cable Investments, SGPS,

Funchal Euro 8,500,020 100.00% Draka Holding B.V.
Sociedade Unipessoal, S.A.
General Cable Celcat, Energia General Cable Investments, SGPS,

Pero Pinheiro Euro 13,500,000 100.00%
e Telecomunicaçoes S.A. Sociedade Unipessoal, S.A.
Czech Republic
Prysmian Kabely, s.r.o. Velké Meziříčí Czech Koruna 255,000,000 100.00% Draka Holding B.V.
Romania
Slatina Leu rumeno 403,850,920 99.99987% Draka Holding B.V.

Prysmian Cabluri Si Sisteme S.A.
0.00013% Prysmian Cavi e Sistemi S.r.l.

Share %
Capital ownership
Russia
Russian
Rybinsk city 230,000,000 99.00% Draka Holding B.V.
Limited Liability Company Rouble
Prysmian RUS
Limited Liability Company Russian Limited Liability Company

Rybinsk city 90,312,000 100.00%
“Rybinskelektrokabel” Rouble Prysmian RUS
Slovakia
Bratislava Euro 21,246,001 99.995% Prysmian Cavi e Sistemi S.r.l.

Prysmian Kablo s.r.o.
Spain
Prysmian Cables Spain, S.A. Vilanova I la

Euro 58,178,234.22 100.00% Draka Holding, S.L.
(Sociedad Unipersonal) Geltrù
Draka Holding, S.L. Santa Perpetua

Euro 24,000,000 100.00% Draka Holding B.V.
(Sociedad Unipersonal) de Mogoda
GC Latin America Holdings, S.L. Abrera Euro 151,042,030 100.00% General Cable Holdings (Spain), S.L.
General Cable Holdings

Abrera Euro 138,304,698.48 100.00% General Cable Corporation
(Spain), S.L.
Grupo General Cable Sistemas, S.L. Abrera Euro 22,116,018.70 100.00% Draka Holding B.V.
EHC Spain and Portugal, S.L. Sevilla Euro 3,897,315.20 100.00% EHC Global Inc.
Sweden
Swedish
Prysmian Group Sverige AB Nässjö 100,000 100.00% Draka Holding B.V.
Krona
Switzerland
Electronic and Optical

Omnisens S.A. Morges Swiss Franc 11,811,719 100.00%
Sensing Solutions S.r.l.
Turkey
Turkish new
Mudanya 216,733,652 83.7464% Draka Holding B.V.
Lira
Turk Prysmian Kablo
Turk Prysmian
Ve Sistemleri A.S. 0.4614%
Kablo Ve Sistemleri A.S.
15.7922% Terzi
Hungary
Prysmian MKM Magyar Hungarian

Budapest 5,000,000,000 100.00% Prysmian Cavi e Sistemi S.r.l.
Kabel Muvek Kft. Forint
North America
Canada
Prysmian Cables New Canadian

1,000,000 100.00% Draka Holding B.V.
and Systems Canada Ltd. Brunswick Dollar
Draka Elevator New Canadian Prysmian Cables

n/a 100.00%
Products Incorporated Brunswick Dollar and Systems USA, LLC
Canadian Prysmian Cables

General Cable Company Ltd. Halifax 295,768 100.00%
Dollar and Systems USA, LLC
Canadian Prysmian Cables

EHC Global Inc. Oshawa 1,511,769 100.00%
Dollar and Systems Canada Ltd.
Canadian
EHC Canada Inc. Oshawa 39,409 100.00% EHC Global Inc.
Dollar

Share %
Capital ownership
Dominican Repuplic
Santa
Dominican
Domingo 2,100,000 99.995% General Cable Corporation
Peso
Oeste
General Cable Caribbean, S.R.L
Prysmian Cables
0.005%
and Systems USA, LLC
U.S.A.
Prysmian Cables US
Carson City 330,517,608 100.00% Draka Holding B.V.
and Systems (US) Inc. Dollar
Prysmian Cables US
Wilmington 10 100.00% General Cable Corporation
and Systems USA, LLC Dollar
Prysmian Construction US Prysmian Cables

Wilmington 1,000 100.00%
Services Inc. Dollar and Systems USA, LLC
US Prysmian Cables
Draka Elevator Products, Inc. Boston 1 100.00%
US Prysmian Cables
Draka Transport USA, LLC Boston 0 100.00%
US Prysmian Cables
General Cable Corporation Wilmington 1 100.00%
Dollar and Systems (US) Inc.
US Prysmian Cables
Wilmington 1,884 53.0786%
General Cable Technologies Dollar and Systems USA, LLC
Corporation
46.9214% General Cable Corporation
US Prysmian Cables
Phelps Dodge Enfield Corporation Wilmington 800,000 100.00%
Phelps Dodge National US Prysmian Cables

Wilmington 10 100.00%
Cables Corporation Dollar and Systems USA, LLC
US
EHC USA Inc. New York 1 100.00% EHC Global Inc.
Dollar
Prysmian Group Speciality US Prysmian Cables

Wilmington 100.00%
Cables, LLC Dollar and Systems USA, LLC
Prysmian Projects US Prysmian Cables

Wilmington 100.00%
North America, LLC Dollar and Systems USA, LLC
Central/South America
Argentina
Argentine
Buenos Aires 993,992,914 97.75% Draka Holding B.V.
Peso

Prysmian Energia Cables y
Sistemas de Argentina S.A.
0.13% Terzi
Prysmian Cabos
0.11%
e Sistemas do Brasil S.A.
Brazil
Brazilian
Sorocaba 910,044,391 94.543% Prysmian Cavi e Sistemi S.r.l.
Real
Prysmian Cabos e Sistemas 0.027% Prysmian S.p.A.

do Brasil S.A.
1.129% Draka Holding B.V.

Share %
Capital ownership
Brazilian
Santa Catarina 27,467,522 49.352% Draka Comteq B.V.
Real
Draka Comteq Cabos Brasil S.A.
Prysmian Cabos
50.65%
e Sistemas do Brasil S.A.
Omnisens do Brasil sercicos

Brazilian
de solucoes de monitoracao Rio de Janeiro 626,050 100.00% Omnisens S.A.
Real
em fibra otica Ltda
Chile
US General Cable Holdings

Cerrillos 74,574,400 99.80%
Dollar (Spain), S.L.
Cobre Cerrillos S.A.
0.20% Terzi
Colombia
Colombian
Bogotà 1,902,964,285 99.96% GC Latin America Holdings, S.L.
Productora de Cables Peso
Procables S.A.S.
0.04% General Cable Corporation
Costa Rica
Costa Rican
Conducen, S.R.L. Heredia 1,845,117,800 100.00% GC Latin America Holdings, SL
Colón
Ecuador
US General Cable Holdings

Quito 243,957 67.14%
Dollar (Spain), S.L.
Cables Electricos
Cables Electricos
Ecuatorianos C.A. CABLEC 24.86%
Ecuatorianos C.A. CABLEC
8.00% Terzi
Guatemala
Guatemalan
Proveedora de Cables y Guatemala City 100,000 99.00% Conducen, S.R.L.
Quetzal
Alambres PDCA
Guatemala, S.A.
1.00% Terzi
Honduras
Honduran
Tegucigalpa 3,436,400 59.39% General Cable Holdings (Spain), S.L.
Electroconductores Lempira
de Honduras, S.A. de C.V.
40.61% GC Latin America Holdings, S.L.
Mexico
Mexican
Durango 163,471,787 99.996% Draka Mexico Holdings S.A. de C.V.
Peso
Draka Durango S. de R.L. de C.V.
0.004% Draka Holding B.V.
Mexican
Durango 57,036,501 99.999998% Draka Holding B.V.
Peso
Draka Mexico Holdings S.A. de C.V.
Città del Mexican

NK Mexico Holdings S.A. de C.V. n/a 100.00% Prysmian Group Finland OY
Messico Peso
Mexican
Durango 173,050,500 99.9983% Draka Holding B.V.
Prysmian Cables y Sistemas Peso
de Mexico S. de R. L. de C. V.
0.0017% Draka Mexico Holdings S.A. de C.V.

Share %
Capital ownership
Prysmian Cables
Tetla Mexican Peso 1,329,621,471 80.41733609%
General Cable de Mexico,
19.58266361% Conducen, S.R.L.
S.A de C.V.
General Cable Technologies
0.00000030%
Corporation

Piedras Negras Mexican Peso 10,000 99.80%
Corporation
General de Cable de Mexico
del Norte, S.A. de C.V.
Prysmian Cables
0.20%
Prysmian Cables
Sonora Mexican Peso 50,000 99.80%
Prestolite de Mexico, S.A. de C.V.
0.20%
Corporation
General Cable de Mexico,

Puebla Mexican Peso 50,000 99.998%
S.A de C.V.
Servicios Latinoamericanos GC,
S.A. de C.V.
0.002%
Corporation
Perù
Santiago
Nuevo sol
de Surco 90,327,867.50 99.99999% GC Latin America Holdings, S.L.
peruviano
General Cable Peru S.A.C. (Lima)
0.00001% Terzi
Africa
Angola
Kwanza General Cable Celcat, Energia

General Cable Condel, Luanda 20,000,000 99.80%
angolano e Telecomunicaçoes S.A.
Cabos de Energia
e Telecomunicaçoes S.A.
0.20% Terzi
Ivory Coast
Prysmian Cables et Systèmes

Abidjan CFA Franc 740,000,000 51.00%
SICABLE - Sociète Ivoirienne France S.A.S.
de Cables S.A.
49.00% Terzi
South Africa
South African Phelps Dodge National

National Cables (Pty) Ltd. Illovo 101 100.00%
Rand Cables Corporation
Tunisia
Tunisian Prysmian Cables et Systèmes

Grombalia 4,050,000 50.998%
Dinar France S.A.S.
Auto Cables Tunisie S.A.
49.002% Terzi
Menzel Tunisian Prysmian Cables et Systèmes

1,850,000 99.965%
Bouzelfa Dinar France S.A.S.
Prysmian Cables 0.005% Prysmian (French) Holdings S.A.S.

and Systems Tunisia S.A.
0.025% Terzi
Oceania
Australia
Australian
Prysmian Australia Pty Ltd. Liverpool 56,485,736 100.00% Prysmian Cavi e Sistemi S.r.l.
Dollar

Share %
Capital ownership
New Zeland
New Zeland
Prysmian New Zealand Ltd. Auckland 10,000 100.00% Prysmian Australia Pty Ltd.
Dollar
Asia
Saudi Arabia
Saudi Arabian
Al Khoabar 500,000 95.00% Prysmian PowerLink S.r.l.
Riyal
Prysmian Powerlink Saudi LLC
5.00% Terzi
China
Prysmian (China) Investment

Tianjin US Dollar 36,790,000 67.00%
Company Ltd.
Prysmian Tianjin Cables Co. Ltd.
33.00% Terzi
Chinese
Prysmian Cable (Shanghai) Prysmian (China) Investment
Shanghai Renminbi 34,867,510 100.00%
Co. Ltd. Company Ltd.
(Yuan)
Chinese
Yixing (Jiangsu Prysmian (China) Investment
Prysmian Wuxi Cable Co. Ltd. Renminbi 240,863,720 100.00%
Province) Company Ltd.
(Yuan)
Prysmian Hong Kong Holding Ltd. Hong Kong Euro 72,000,000 100.00% Prysmian Cavi e Sistemi S.r.l.
Prysmian (China) Investment

Pechino Euro 74,152,961 100.00% Prysmian Hong Kong Holding Ltd.
Company Ltd.
Nantong US Dollar 2,400,000 75.00% Draka Elevator Products, Inc.

Nantong Haixun Draka Elevator
Products Co. LTD
25.00% Terzi
Nantong US Dollar 2,000,000 60.00% Draka Elevator Products, Inc.

Nantong Zhongyao Draka Elevator
Products Co. LTD
40.00% Terzi
Chinese
Draka Cableteq Asia Pacific
Suzhou Draka Cable Co. Ltd. Suzhou Renminbi 304,500,000 100.00%
Holding Pte Ltd.
(Yuan)
Chinese
Prysmian Technology Jiangsu Prysmian (China) Investment
Yixing Renminbi 495,323,466 100.00%
Co. Ltd. Company Ltd.
(Yuan)
EHC Escalator Handrail (Shanghai)

Shanghai US Dollar 2,100,000 100.00% EHC Global Inc.
Co. Ltd.
EHC Engineered Polymer

Shanghai US Dollar 1,600,000 100.00% EHC Global Inc.
(Shanghai) Co. Ltd.
EHC Lift Components (Shanghai)

Shanghai US Dollar 200,000 100.00% EHC Global Inc.
Co. Ltd.
Philippines
Philippine
Cebu 253,652,000 99.9999975% Draka Holding B.V.
Peso
Draka Philippines Inc.
0.0000025% Terzi
India
Mumbai Indian Rupee 183,785,700 99.999946% Oman Cables Industry (SAOG)

Associated Cables Pvt. Ltd.
0.000054% Terzi

Share %
Capital ownership
Mumbai Indian Rupee 157,388,218 99.99999% Prysmian Cavi e Sistemi S.r.l.

Jaguar Communication
Consultancy Services Private Ltd.
Indonesia
Cikampek US Dollar 67,300,000 99.48% Draka Holding B.V.

PT.Prysmian Cables Indonesia
Malaysia
Sindutch Cable Manufacturer Malaysian Draka Cableteq Asia Pacific

Malacca 500,000 100.00%
Sdn Bhd Ringgit Holding Pte Ltd.
Malaysian Cable Supply and Consulting

Draka (Malaysia) Sdn Bhd Malacca 8,000,002 100.00%
Ringgit Company Pte Ltd.
Oman
Al Rusayl Omani Riyal 8,970,000 51.17% Draka Holding B.V.

Oman Cables Industry (SAOG)
48.83% Terzi
Oman Aluminium Processing

Sohar Omani Riyal 4,366,000 100.00% Oman Cables Industry (SAOG)
Industries (SPC)
Singapore
Prysmian Cables Asia-Pacific Singapore

Singapore 174,324,290 100.00% Draka Holding B.V.
Pte Ltd. Dollar
Draka Cableteq Asia Pacific Singapore

Singapore 28,630,503.70 100.00% Draka Holding B.V.
Holding Pte Ltd. Dollar
Singapore Cables Manufacturers Singapore Draka Cableteq Asia Pacific

Singapore 1,500,000 100.00%
Pte Ltd. Dollar Holding Pte Ltd.
Cable Supply and Consulting Singapore Draka Cableteq Asia Pacific

Singapore 50,000 100.00%
Company Private Limited Dollar Holding Pte Ltd.
Thailand
Draka Cableteq Asia Pacific

Bangkok Thai Baht 435,900,000 99.999931%
Holding Pte Ltd.
0.000023% Draka (Malaysia) Sdn Bhd

MCI-Draka Cable Co. Ltd.
Sindutch Cable
0.000023%
Manufacturer Sdn Bhd
Singapore Cables
0.000023%
Manufacturers Pte Ltd.

The following companies have been accounted for using the equity method:
Share %
Capital ownership
Europe
Germany
Prysmian Kabel
Troisdorf Euro 10,225,837.65 43.18%
und Systeme GmbH
Kabeltrommel
Norddeutsche
GmbH & Co.KG 1.75%
Seekabelwerke GmbH
55.07% Third parties
Deutsche Prysmian Kabel
Troisdorf 51,000 41.18%
Mark und Systeme GmbH
Kabeltrommel GmbH Norddeutsche
5.82%
Seekabelwerke GmbH
Norddeutsche
Oldenburg Euro 540,000 33.00%
Nostag GmbH & Co. KG Seekabelwerke GmbH
U.K.
British
Woking 5 40.00% Prysmian Cables & Systems Ltd.
Rodco Ltd. Pound
Russia
Russian
Moscow 10,000 40.00% Prysmian Group Finland OY
Elkat Ltd. Rouble
Central/South America
Chile
Quilicura
Chile Peso 100 41.00% Cobre Cerrillos S.A.
Colada Continua Chilena S.A. (Santiago)
Asia
China
Chinese
Yangtze Optical Fibre and Cable Wuhan Renminbi 757,905,108 23.73% Draka Comteq B.V.
Joint Stock Limited Co. (Yuan)
Chinese
Yangtze Optical Fibre
Yangtze Optical Fibre and Cable Shanghai Renminbi 100,300,000 75.00%
and Cable Joint Stock Limited Co.
(Shanghai) Co. Ltd. (Yuan)
Malaysia
Selangor Malaysian
18,000,000 40.00% Draka Holding B.V.
Power Cables Malaysia Sdn Bhd Darul Eshan Ringgit
Elenco delle altre partecipazioni non consolidate ai sensi dell’IFRS 10:
Legal name % ownership Direct parent company
India
51,00% Prysmian Cavi e Sistemi S.r.l.
Ravin Cables Limited
49,00% Third Parties
United Arab Emirates
49,00% Ravin Cables Limited
Power Plus Cable CO. LLC
51,00% Third Parties

Corporate structure – Appendix B
The companies consolidated on a line-by-line basis at 31 December 2023 are shown below.
PRYSMIAN S.P.A.
Draka Grupo General

100% Holding B.V. 100% Cable Sistemas, S.L.
(Spain)
100%
Prysmian
Poland sp. z o.o.
100%
Prysmian Group
100% 100% 100% 100% 100% 100% 100% 100%
Sverige AB
Prysmian Fibre Ottiche Prysmian Prysmian Prysmian Prysmian Electronic Prysmian
PowerLink S.r.l. Sud - FOS S.r.l. Treasury S.r.l. Pension Scheme Cavi e Sistemi S.r.l. Cavi e Sistemi and Optical Sensing Servizi S.p.A.
Trustee Ltd. Italia S.r.l. Solutions S.r.l.
100%
Draka Cableteq
95% 100% 100%
Asia Pacific
100% 94,543% Holding Pte Ltd.
Prysmian Omnisens S.A. Prysmian Re
PowerLink Comergy Ltd. Prysmian Company
Saudi LLC Cabos e Sistemas Designated
do Brasil S.A.15 Activity Company 100%
100% Grupo General

Cable Sistemas, S.L.
100% 99,999999%
Omnisens do Brasil
Jaguar sercicos de solucoes
Prysmian
Communication de monitoracao
MKM Magyar
Consultancy Services em fibra otica Ltda 100%
Kabel Muvek KFT
Private Ltd. 7
Suzhou Draka
Cable Co. Ltd.
67% 100% 100%
Prysmian Tianjin Prysmian Prysmian

Cables Co. Ltd. Cable Industrial Australia Pty Ltd.
83,746% 99,999931%
GmbH
Turk Prysmian MCI-Draka 10
Kablo Ve Cable Co. Ltd.
100% 100% 100% 100% Sistemleri A.S. 19
Prysmian Prysmian Prysmian Prysmian

Wuxi Cable (China) Investment Hong Kong New Zealand Ltd.
97,75% 99,99987% 100%
Company Ltd. Company Ltd. Holding Ltd.
Prysmian Energia Prysmian Cabluri Sindutch Cable
Cables y Sistemas Si Sisteme S.A. 4 Manufacturer
100% 100% de Argentina S.A.18 Sdn Bhd
Prysmian Cable Prysmian

(Shanghai) Co. Ltd. Technology 100% 99% 100%
Jiangsu Co. Ltd.
Prysmian Cables Limited Liability Singapore Cables
Asia-Pacific Pte Ltd. Company Prysmian Manufacturers
RUS 5 Pte Ltd.
99,95% 100%
Prysmian Prysmian Prysmian Prysmian (French)

Kablo S.r.o.6 OEKW GmbH Cables et Systemes 100% Holdings S.A.S. 100%
99,48% 100% 100%
France SAS
P.T. Prysmian Limited Liability Cable Supply and
Cables Indonesia 1 Company Consulting
Rybinskelektrokabel Company Pte Ltd.
50,998% 99,965% 51%
Auto Cables Prysmian Cables SICABLE

Tunisie S.A. and Systems Societé Ivoirienne 100%
Tunisia S.A.2 de Cables S.A.
Sdn Bhd
Draka (Malaysia)
77,7972%
Prysmian Group
Finland OY8
100% 100%
Prysmian Group NK Mexico 100% 100%

Baltics AS Holdings S.A. de CV
Silec Cable, SAS Norddeutsche
(France) Seekabelwerke
GmbH
(Germany)
99,9983% 100% 100% 99,9983% 100% 100% 99,9999975%
Prysmian Prysmian Group Prysmian Draka Mexico Prysmian Group Draka Draka
Cables y Sistemas Norge AS Cables and Systems Holdings Denmark A/S France S.A.S. Philippines Inc.
de Mexico (US) INC. S.A. de CV 9
S. De R.L.De C.V. 17
99,996% 100% 100% 100% 100%
Draka Durango Draka Draka Comteq Draka P.O.R. S.A.S.

S. De R.L. de C.V.20 Paricable S.A.S France S.A.S. Fileca S.A.S.
Continues on next page

Continues from previous page Continues on next page
100% 100% 100% 100% 100%
Draka Prysmian Prysmian UK Draka U.K. Ltd. Prysmian

Comteq B.V. Netherlands Group Ltd. Powerlink
Holding B.V. Services Ltd.
100% 100% 100% 100%
Draka Comteq Draka Comteq Draka Comteq Prysmian Cable

Germany GmbH Fibre B.V. UK Ltd. Cables & Systems Makers Properties
& Co. KG Ltd. 63,84% and Services Ltd.
100% 100%
Draka Comteq Prysmian Prysmian Cables

Germany Netherlands B.V. 100% (2000) Ltd.
Verwaltungs
GmbH
49,352319% 100% 100%
Draka Comteq Draka Kabel B.V. Donne Prysmian

Cabos Brasil S.A.16 Draad B.V. 100% Construction
Company Ltd.
51,17% 100% 100%
Oman Cables Draka Deutschland NKF Holding

Industry (S.A.O.G.) Zweite (Deutschland)
Beteiligungs GmbH i.L.
GmbH
99,999946% 100% 100% 90% 10% 49,9%
Associated Oman Aluminium Draka Deutschland Draka Deutschland Draka Comteq

Cables PVT Ltd. Processing Erste Beteiligungs GmbH Berlin GmbH
Industries (SPC) GmbH & Co. KG 14
98,52% 100% 100% 99%
Draka Hohn GmbH Kaiser Kabel NKF Vastgoed

Belgium N.V.11 GmbH III B.V. 3
100% 100% 93,75% 100%
Prysmian Prysmian Projects Prysmian Kabel Draka Deutschland

Kabely S.r.o. Germany GmbH Und Systeme Verwaltungs GmbH
GmbH 13
99% 100%
NKF Vastgoed I Prysmian

B.V.12 Unterstuetzun-
gseinrichtung
Lynen GmbH
100% 100%
Draka Holding, S.L. Prysmian Cables

(Sociedad Spain S.A.
Unipersonal) (Sociedad Wholly owned
Unipersonal)
Third-party ownership
100% 100% 99,80%
Italy
General Cable General Cable General Cable Condel,
Investments, Celcat, Energia e Cabos de Energia e
UK - Ireland
SGPS S.A. Telecomunicaçoes Telecomunicaçoes
(Madeira) S.A. (Portugal) S.A. (Angola)
France
Netherlands
Nordics
Germany
Spain
Portugal
Danubian Area
Switzerland
Oceania
ASEAN
China
1. Prysmian Cavi e Sistemi S.r.l. 0,52% 11. Draka Kabel B.V. 1,48% Russia
2. Prysmian (French) Holdings S.A.S. 0,005% 12. Prysmian Netherlands B.V. 1%
Prysmian Cavi and Sistemi S.r.l. 0,005% 13. Prysmian S.p.A. 6,25%
3. Prysmian Netherlands B.V. 1% 14. Prysmian Netherlands B.V. 50,10% South America
4. Prysmian Cavi and Sistemi S.r.l. 0,00013% 15. Prysmian S.p.A. 0,026882%
5. Prysmian Cavi and Sistemi S.r.l. 1% Draka Holding B.V. 1,129032% North America
6. Prysmian S.p.A. 0,005% Draka Comteq B.V. 4,301075%
7. Prysmian S.p.A. 0,000001% 16. Prysmian Cabos and Sistemas do Brasil S.A. 50,647681%
Turkey
8. Draka Comteq B.V. 2,27% 17. Draka Mexico Holdings S.A. de CV 0.0017%
Draka Holding B.V. 19,9301% 18. Prysmian Cavi e Sistemi S.r.l., 2,01%
9. Draka Comteq B.V. 0,000002% Prysmian Cabos e Sistemas do Brasil S.A., 0,11% Africa
10. Draka (Malaysia) Sdn Bhd 0,000023%, 19. Turk Prysmian Kablo Ve Sistemleri A.S 0,4614%
Sindutch Cable Manufacturer Sdn Bhd 0,000023% 20. Draka Holding B.V. 0,004% Oman
Singapore Cables Manufacturers Pte Ltd 0,000023%

Prysmian
Continues from previous page Cables and Systems
(US) INC.
100%
General Cable
Corporation
100%
Prysmian Cables
and Systems
USA LLC
100% 100% 100% 100% 100% 100% 53,0786% 100%
Draka Elevator Draka Elevator Draka Transport Prysmian Group Prysmian Prysmian Projects General Cable Phelps Dodge
Products Products, Inc. USA, LLC Speciality Construction North America, LLC Technologies Enfield Corporation
Incorporated Cables, LLC Services Inc Corporation (US-Delaware)
(US-Delaware) 3
60% 75% 99,8%
Nantong Zhongyao Nantong Haixum General de Cable

Draka Elevator Draka Elevator de Mexico del
Products Co. Ltd. Products Co. Ltd. Norte, S.A. de CV
(Mexico)6
99,80% 80,41734% 100% 100%
Prestolite de General Cable de Phelps Dodge General Cable

Mexico, S.A. de CV Mexico S.A. de CV National Cables Company Ltd.
(Mexico) 7 (Mexico)9 Corporation (Canada)
(US-Delaware)
99,998% 100%
Servicios National Cables

Latinoamericanos (Pty) Ltd
GC S.A. de CV
8
(South Africa)
(Mexico)
100% 100%
Prysmian EHC Global Inc.

Cables and Systems
Canada Ltd.
100% 100% 100% 100%
EHC Spain Escalator Handrail EHC Germany EHC France

and Portugal, S.L. (UK) Ltd. GmbH s.a.r.l.
100%
EHC Canada Inc.
100% 100% 100% 100%
EHC USA Inc. EHC Escalator EHC Engineered EHC

Handrail Polymer Lift Components
(Shanghai) (Shanghai) (Shanghai)
Co. Ltd. Co. Ltd. Co. Ltd.

Continues from previous page
99,995% 100%
General Cable General Cable

Caribbean S.r.l. Holdings (Spain),
(Dominican S.L. (Spain)
Republic) 5
59,39% 67,14% 100%
Electroconductores Cables Electricos GC Latin America

de Honduras Ecuatorianos C.A. Holding, S.L.
S.A. de CV CABLEC (Spain)
(Honduras) 2 (Ecuador) 1
Wholly owned
100% 99,80% Third-party ownership
Conducen, SRL Cobre Cerrillos S.A.

Italy
(Costa Rica) (Chile)
UK - Ireland
France
99% 99,96%
Proveedora de Productora Netherlands

Cables y Alambres de Cables
PDCA Guatemala, Procables S.A.S. Nordics
S.A. (Guatemala) (Colombia) 4
Germany
99,99999%
Spain
General Cable
Peru S.A.C. Portugal
(Peru)
Danubian Area
Switzerland
Oceania
ASEAN
China
Russia
1. Cables Electricos Ecuatorianos C.A. CABLEC, 24,86% South America

2. GC Latin America Holdings, S.L. 40,61%
3. General Cable Corporation, 46,9214% North America
4. General Cable Corporation 0,04%
5. Prysmian Cables and Systems USA, LLC 0,005%
6. Prysmian Cables and Systems USA, LLC 0,2% Turkey
7. General Cable Technologies Corporation 0,2%
8. General Cable Technologies Corporation Africa
(US-Delaware) 0,002%
9. Conducen, S.R.L. 19,58266361%
Oman
General Cable Technologies Corporation 0,0000003%

3. Certification of the Consolidated
Financial Statements
pursuant to Art. 81-ter of CONSOB Regulation 11971 dated 14 May 1999 as amended
1. The undersigned Valerio Battista, as Chief Executive Officer, and Stefano Invernici and Alessandro Brunetti, as
managers responsible for preparing the financial reports of Prysmian S.p.A., certify, also taking account of the
provisions of paragraphs 3 and 4, art. 154-bis of Italian Legislative Decree 58 dated 24 February 1998, that during
2023 the accounting and administrative processes for preparing the consolidated financial statements:
• have been adequate in relation to the business’s characteristics and

• have been effectively applied.
2. The adequacy of the accounting and administrative processes for preparing the consolidated financial statements
at 31 December 2023 has been assessed on the basis of a procedure established by Prysmian in compliance
with the internal control framework established by the Committee of Sponsoring Organizations of the Treadway
Commission, which serves as a generally accepted standard model internationally.
It is nonetheless reported that:
• during 2023, several of Prysmian’s companies were involved in the information system changeover project.
The process of fine-tuning the new system’s operating and accounting functions is still in progress for some of
them; in any case, the system of controls in place ensures uniformity with the Group’s system of procedures and
controls.
3. It is also certified that:
3.1 The consolidated financial statements at 31 December 2023:
a) have been prepared in accordance with applicable international accounting standards recognised by the
European Union under Regulation (EC) 1606/2002 of the European Parliament and Council dated 19 July
2002;
b) correspond to the underlying accounting records and books of account;
c) are able to provide a true and fair view of the issuer’s statement of financial position and results of operations
and of the group of companies included in the consolidation.
3.2 The directors’ report contains a fair review of performance and the results of operations, and of the situation of
the issuer and the group of companies included in the consolidation, together with a description of the principal
risks and uncertainties to which they are exposed.
Valerio Battista Stefano Invernici Alessandro Brunetti
Chief Executive Officer Managers responsible for preparing company financial reports

4. Auditor’s Report
344
345
346
347
348
349
C

PARENT COMPANY FINANCIAL
STATEMENTS
1. Directors’ report
Significant events during the year

CDP lends Euro 120 million for innovation and digitalisation
On 6 March 2023, Prysmian S.p.A. announced that it had obtained a new loan of Euro 120 million from Cassa Depositi
e Prestiti (CDP) to support R&D focused on deploying innovative technologies and to help consolidate the business’s
digitalisation processes, while cutting emissions to facilitate the e nergy transition.
Prysmian’s R&D programs are also in step with the Paris Agreements, the European Green Deal and Horizon Europe
directives for the promotion of clean, renewable energy by developing cable systems that ensure the interconnection
of integrated renewable energy systems.
S&P Global Ratings awards Prysmian S.p.A. an investment grade rating

On 6 June 2023, it was announced that Prysmian S.p.A. had been awarded an investment grade rating by S&P
Global Ratings, with the receipt of a BBB- long-term issuer credit rating with stable outlook.
Revolving Credit Facility 2023

On 20 June 2023, Prysmian S.p.A. renewed a Euro 1,000 million long-term sustainability-linked revolving credit facility
with a syndicate of leading Italian and international banks.
This important five-year credit facility, with a 6- and 7-year extension option, will help further improve the Group’s
financial structure by lengthening the average maturity of its debt, while retaining the flexibility offered by such an
instrument. The credit facility carries optimum terms, also in light of the investment-grade credit rating recently
awarded to Prysmian by Standard & Poor’s.
In addition, with the aim of deepening the embedding of ESG factors into the Group’s strategy, Prysmian has chosen
to include important environmental and social KPIs among the parameters determining the terms of credit. The
renewed revolving credit facility is in fact Sustainability-Linked, being tied to the decarbonisation targets already set
by the Group (annual GHG emissions from 2023 to 2030), to the ratio of female white-collar and executive hires to total
Group hires, and to the number of sustainability audits performed within the supply chain.
Approval of financial statements at 31 December 2022 and dividend distribution

On 19 April 2023, the shareholders’ meeting of Prysmian S.p.A. approved the 2022 financial statements and the
distribution of a gross dividend of Euro 0.60 per share, for a total of some Euro 158 million. The dividend was paid out
from 26 April 2023, with record date 25 April 2023 and ex-div date 24 April 2023.
Authorisation to buy and dispose of treasury shares

On 19 April 2023, the shareholders’ meeting of Prysmian S.p.A. granted the Board of Directors authorisation to buy back
and dispose of treasury shares, concurrently revoking the previous authorisation under the shareholder resolution
dated 12 April 2022. Under this authorisation it is possible to make one or more share buybacks such that, at any one
time, the total holding of treasury shares does not exceed 10% of share capital.
C. Parent Company financial statements 351

New long-term incentive plan (2023-2025)
will involve approximately 1,100 recipients among management and other key Prysmian resources, including Prysmian
obtained from a bonus issue funded by profits or retained earnings in accordance with art. 2349 of the Italian Civil
Code, or a combination of new-issue shares and treasury shares. By means of this plan, Prysmian intends to strengthen
the Company’s and management’s commitment to creating sustainable value over time for all stakeholders, including
by involving a wide range of key people in over 40 countries who play an important role in the Group’s sustainable
success. The plan spans a three-year period and provides for the award of shares upon achievement of economic and
financial performance conditions, Total Shareholders Return and ESG targets. The plan also allows 50% of the annual
bonus, where due, for the years 2023, 2024, 2025 to be deferred in the form of shares. The annual bonus is also linked to
the achievement of ESG targets, as well as to economic-financial targets. The deferral of the annual bonus also entails
an additional award of “matching” shares which, in the case of the Group’s some 50 top managers, is also dependent
on the achievement of ESG targets by 2025. The plan has the following objectives:
instruments;
Massimo Battaini designated as new Group CEO with effect from the 2024 AGM
On 26 May 2023, the Board of Directors of Prysmian S.p.A. designated Massimo Battaini - a current Director and Group
Chief Operating Officer (“COO”) - as the candidate for the position of Chief Executive Officer (“CEO”) of Prysmian, in line
with the Group succession plan, having been informed by current CEO Valerio Battista of his decision not to carry on
as CEO for the next three-year mandate (2024-2027). Massimo Battaini will be presented as CEO designate on the slate
submitted by the outgoing Board of Directors for its upcoming renewal at the 2024 Annual General Meeting, when
Valerio Battista will step down.
Variation of share capital

On 6 June 2023 and 29 November 2023, Prysmian S.p.A. announced the new composition of its share capital as a result
of implementing the resolutions for a bonus issue adopted by the Company’s Extraordinary General Meeting on 12
April 2022 to service the share-based plans approved by the shareholders’ meetings of 28 April 2020 and 12 April 2022,
reserved for employees and executive directors of the Company and of Prysmian companies.
More specifically, the following shares were issued:
• on 29 May 2023, 292,511 ordinary shares,

• on 5 June 2023, 8,000,000 ordinary shares;
• on 21 November 2023, 97,691 ordinary shares.
Prysmian renews partnership with Andretti Formula E

for a second consecutive season
On 13 December 2023, the Group announced the renewal of its official partnership with the Andretti Formula E team
for the 2023/2024 ABB FIA Formula E World Championship, following the sensational Season 9 culminating with Jake
Dennis winning the Formula E Drivers’ World Championship.
Prysmian will continue to support Andretti Formula E by providing the Team with power transmission and information
solutions across all areas of its sustainable electrification. One of the main innovations supplied during Season 9 was
the PRY-CAM monitoring system, making it possible to gather valuable data and information on the energy efficiency
of the team’s pits.

The partnership between Andretti Formula E and Prysmian is based on the core values of innovation, sustainability,
challenge and performance, values that will continue to represent a solid basis for collaboration in this second season.
With this initiative, Prysmian aims to strengthen its “Sustain to Lead” strategy and the Group’s value proposition by
promoting innovation and sustainable development even in the strategic sectors of e-mobility, renewable power
transmission and distribution and digital solutions.
Andretti is a pillar of Formula E, having been involved since the inaugural race back in 2014, and heads into the eagerly
awaited Season 10 with a track record of 10 wins, 12 pole positions and a Drivers’ World Championship to its credit.
The team kicked off Season 10 of the Formula E championship at the opening race in Mexico City on 13 January 2024.
Created in 2011, the ABB FIA Formula E World Championship is a single-seater motorsport championship for electric
cars. Since the 2020–21 season, Formula E is a FIA World Championship, making it the first single-seater racing series
outside of Formula One to be given world championship status.
Financial performance of Prysmian S.p.A.

The financial information presented and discussed below has been prepared by reclassifying the accompanying
financial statements for the year ended 31 December 2023, which in turn have been drawn up in accordance with the
International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and
endorsed by the European Union, and with the implementation guidance for art. 9 of Legislative Decree 38/2005.
In addition to the standard financial reporting formats and indicators required under IFRS, a number of reclassified
statements and alternative performance indicators have also been presented with the intention of helping users
of the financial statements better evaluate the Company’s economic and financial performance. Such reclassified
statements and performance indicators should not however be treated as substitutes for the accepted ones required
by IFRS.
ANDAMENTO ECONOMICO
(Euro/thousand) 2023 2022
Revenues and other income 246,323 245,035
Operating costs (75,729) (87,077)
Other expenses (130,425) (134,392)
Amortisation, depreciation and impairment (41,151) (35,020)
Operating income (982) (11,455)
Net finance income/(costs) (49,805) (13,964)
Net income from investments 304,761 176,287
Profit/(loss) before taxes 253,974 150,868
Taxes 10,292 (7,100)
Net profit/(loss) 264,266 143,768
In addition to the comments presented below, the more significant changes in individual items within the Prysmian
S.p.A. income statement are discussed in the Explanatory Notes to its financial statements, to which reference should
be made.
The Parent Company’s income statement for 2023 reports Euro 264,266 thousand in net profit, up Euro 120,498
thousand from the previous year.
Revenues and other income of Euro 246,323 thousand (Euro 245,035 thousand in 2022) include the income of Prysmian
S.p.A. from ordinary operations. In accordance with IFRS 15, revenues and other income also include the net margin on
buying strategic metals and selling them to other Group companies.

Revenues and other income also include amounts charged by Prysmian S.p.A. to Group companies for coordination
and other services provided by head office functions and for royalties on patents, know-how and trademarks licensed
to Group companies.
Operating costs of Euro 75,729 thousand in 2023 (Euro 87,077 thousand in 2022) mostly comprise personnel costs
(Euro 68,690 thousand in 2023 versus Euro 77,955 thousand in 2022), with the remainder referring to purchases of
other consumables (Euro 7,012 thousand in 2023 versus Euro 9,150 thousand in 2022) and the fair value change in metal
derivatives (Euro 27 thousand negative in 2023 versus Euro 28 thousand positive in 2022).
In particular, the decrease in personnel costs is largely attributable to the initial costs recorded in 2022 for a new
share-based plan. Further details can be found in Note 17. Personnel costs of the Explanatory Notes to the financial
statements.
Other expenses of Euro 130,425 thousand in 2023 (Euro 134,392 thousand in 2022) have been affected by fewer non-
recurring costs mostly arising from intercompany transactions.
Further details can be found in the Explanatory Notes to the financial statements under Note 19. Other expenses.
Net finance costs of Euro 49,805 thousand (Euro 13,964 thousand in 2022) consist of interest expense on bonds and
loans and foreign currency derivative hedge costs, net of finance income earned mostly from fees for guarantees
given on behalf of Group companies. The change is mainly attributable to the hike in interest rates.
Net income from investments amounts to Euro 304,761 thousand, compared with Euro 176,287 thousand in the
previous year, and mostly comprises a total of Euro 327,382 in dividends paid by the subsidiaries Draka Holding B.V. and
Prysmian Treasury S.r.l., minus Euro 35,450 thousand in impairment of the investment in Fibre Ottiche Sud – F.O.S. S.r.l.,
plus Euro 21,359 thousand for the increase since the grant date in the fair market value of granted shares under the new
2023-2025 long-term incentive (LTI) plan and the BE IN incentive plan, both of which recharged to group companies,
and minus Euro 8,530 thousand for costs incurred by the Company for the old LTI plan settled in June 2023.
Income taxes report Euro 10,292 thousand in income (versus a net charge of Euro 7,100 thousand in 2022), of which
Euro 9,682 thousand in current tax income and Euro 610 thousand in deferred tax income. More specifically, current
taxes reflect the net effect of the tax charge for the period and net income from Italian companies arising from the
election by the Company and its Italian subsidiaries for a group tax consolidation. Further information can be found in
Note 22. Taxes of the Explanatory Notes to the financial statements.
Research costs are fully expensed to income, while development costs are capitalised if they meet the required
qualifying conditions.
R&D costs incurred in 2023 Euro 29,352 thousand have been fully expensed to income (Euro 30,485 thousand in 2022);
more details can be found in Note 33. Research and development of the Explanatory Notes to the financial statements.
STATEMENT OF FINANCIAL POSITION

The Parent Company’s statement of financial position is summarised as follows:
(Euro/thousand) 31 December 2023 31 December 2022
Net fixed assets 5,922,800 5,913,352
- of which Investments in subsidiaries 5,719,702 5,701,163
Net working capital (130,865) (102,073)
Provisions (46,122) (53,208)
Net capital employed 5,745,813 5,758,070
Employee benefit obligations 6,218 6,085
Total equity 2,586,850 2,460,945
Net financial debt 3,152,745 3,291,040
Total equity and sources of funds 5,745,813 5,758,070

Note: the composition and method of calculating the above indicators are detailed in the Group’s Integrated Annual Report.

In addition to the comments presented below, the more significant changes in individual items within Prysmian S.p.A.
statement of financial position are discussed in the Explanatory Notes to its financial statements, to which reference
should be made.
Net fixed assets basically comprise the controlling interests in Prysmian Cavi e Sistemi S.r.l., Draka Holding B.V. and the
Group’s other Italian companies.
The increase of Euro 18,539 thousand in the value of investments in subsidiaries since 2022 is mainly attributable to
the net effect of capital contributions paid to the subsidiaries Electronic and Optical Sensing Solutions S.r.l., Prysmian
Servizi S.p.A. and Fibre Ottiche Sud – F.O.S. S.r.l., minus impairment recognised against the value of the investment
in Fibre Ottiche Sud – F.O.S. S.r.l.. The value of investments has also been impacted by the pay-related component of
share-based plans, with underlying Prysmian S.p.A. shares, for employees of other Group companies.
Capital expenditure on “Property, plant and equipment” and “Intangible assets” totalled Euro 29,502 thousand in 2023
(Euro 26,110 thousand in 2022). Expenditure on property, plant and equipment amounted to Euro 6,609 thousand,
relating to the purchase of IT infrastructure for the Group and fixed installations for Prysmian headquarters; the overall
expenditure also included advances of Euro 4,765 thousand for the purchase of machinery serving the new R&D centre
in Quattordio. Expenditure on intangible assets, totalling Euro 18,157 thousand, related to the ongoing upgrade of IT
systems and Digital Transformation projects, as well as the purchase of new software. More details can be found in Note
1. Property, plant and equipment and Note 2. Intangible assets of the Explanatory Notes to the financial statements.
In addition to the additions listed above, the closing balance of net fixed assets in 2023 includes net additions of Euro
2,559 thousand to account for leases in accordance with IFRS 16.
Net working capital is a negative Euro 130,865 thousand and comprises:
• Euro 299,434 thousand as the net negative balance between trade receivables and trade payables (see Notes 5 and
11 to the financial statements);
• Euro 168,569 thousand as the net positive balance of other receivables/payables and financial receivables/payables
(see Notes 5 and 11 to the financial statements).
Provisions, inclusive of deferred tax provisions, amount to Euro 46,122 thousand at 31 December 2023 (see Notes 4
and 12 to the financial statements) compared with Euro 53,208 thousand at 31 December 2022. The difference mainly
reflects adjustments to the deferred tax provision. Further information can be found in Note 14. Current tax payables
and Deferred tax liabilities in the Explanatory Notes.
Equity amounts to Euro 2,586,850 thousand at 31 December 2023, reporting a net increase of Euro 125,905 thousand
since 31 December 2022, mostly reflecting the net profit for 2023 after the dividend distribution during the year and
adjustments to the share-based payment reserve. A more detailed analysis of the changes in equity can be found in
the Statement of Changes in Equity forming part of the Financial Statements presented in the following pages.
The Group’s consolidated equity at 31 December 2023 and consolidated net profit for 2023 are reconciled with the
corresponding figures for the Parent Company Prysmian S.p.A. in a table presented in the Group’s Integrated Annual
Report.
Net financial debt amounts to Euro 3,152,745 thousand at 31 December 2023, versus Euro 3,291,040 thousand at 31
December 2022.

The following table presents a detailed breakdown of net financial debt.
of which of which
31 December related 31 December related
(Euro/thousand) Note
2023 parties 2022 parties
(Note 25) (Note 25)
CDP Loans 10 194,350 174,685
Mediobanca Loan 10 - 99,905
Intesa Loan 10 - 149,781
EIB Loans 10 134,870 244,798
Sustainability-Linked Term Loan 10 1,193,356 1,191,474
Convertible Bond 2021 10 727,830 717,399
Lease liabilities 10 11,444 14,712
Other borrowings 1,937 -
Total long-term financial payables 2,263,787 2,592,754
CDP Loans 10 103,470 520
Mediobanca Loan 10 100,483 294
Intesa Loan 10 151,342 836
EIB Loans 10 113,085 996
Sustainability-Linked Term Loan 10 24,972 6,114
Unicredit Loan 10 - 200,457
Short-term loans from Group companies 10 440,304 440,304 742,742 742,742
Other borrowings 10 76 9,090
Total short-term financial payables 939,149 966,169
Total financial liabilities 3,202,935 3,558,923
Long-term bank fees 5 3,621 284
Non-current interest rate derivatives 7 10,508 59,209
Current interest rate derivatives 7 20,115 12,676
Short-term financial receivables 6 12,758 193,417
Short-term financial receivables from Group companies 5 1,456 1,456 -
Short-term bank fees 5 1,092 1,185
Cash and cash equivalents 8 405 935
Note 10 of the Explanatory Notes to the financial statements contains a reconciliation of the Company’s net financial
debt to the amount reported in accordance with the requirements of CONSOB communication no. 5/21 of 29 April 2021
concerning compliance with the “Guidelines on disclosure requirements under the Prospectus Regulation” published
by ESMA on 4 March 2021 (reference ESMA32-382-1138).
A more detailed analysis of cash flows can be found in the Statement of Cash Flows, forming part of the Financial
Statements presented in the following pages.

Human resources, safety and environment
Prysmian S.p.A. had a total of 440 employees at 31 December 2023 (436 at 31 December 2022), of whom 397
management/desk staff (396 at 31 December 2022) and 43 non-desk staff (40 at 31 December 2022).
The Company has taken systematic, ongoing steps to implement all the fundamental activities required to manage
issues concerning the environment, and the health and safety of its employees.
More details can be found in the Consolidated Non-Financial Statement forming part of the Group’s Integrated Annual
Report.
Direction and coordination

Prysmian S.p.A. is not under the direction and coordination of other companies or entities but decides its general and
operational strategy in complete autonomy. Pursuant to art. 2497-bis of the Italian Civil Code, the direct and indirect
subsidiaries of Prysmian S.p.A. have identified it as the entity which exercises direction and coordination for them.
Such direction and coordination entails identifying general and operational strategies for the Group as a whole and
defining and implementing internal control systems, models of governance and corporate structure
Intercompany and related party transactions

Information about related party transactions, including that required by the Consob Communication dated 28 July
2006, is presented in Note 25 to the Parent Company Financial Statements.
Secondary locations
The Company does not have any secondary locations.
Share capital and corporate governance

Share capital amounts to Euro 27,653 thousand at 31 December 2023, consisting of 276,534,448 ordinary shares
(including 3,718,405 treasury shares), with a nominal value of Euro 0.10 each. The total number of outstanding voting
shares is 272,816,043, net of the 10,669 treasury shares held indirectly.
Information about Corporate Governance can be found in Prysmian’s Integrated Annual Report.
Atypical and/or unusual transactions


Risk factors
Prysmian S.p.A. is exposed in the normal conduct of its business to a number of financial and non-financial risk factors
which, should they arise, could have an impact, even material, on its results of operations and financial condition.
Prysmian S.p.A. adopts specific procedures to manage the risk factors that might influence its business results. These
procedures are the result of corporate policy which has always been directed at maximising value for shareholders by
taking all necessary steps to prevent the risks inherent in the Company’s business.
Based on its financial performance and cash generation in recent years, as well as its financial resources available at 31
December 2023 and committed undrawn credit lines at that date, the Company believes that, barring any extraordinary
events, there are no material uncertainties that could cast significant doubt upon the business’s ability to continue to
operate on a going concern basis.
More details about risk factors and the system of internal controls can be found in Prysmian’s Integrated Annual Report.
Financial risk management policies

Financial risk management policies are discussed in Section C of the Explanatory Notes to the financial statements.
Business outlook
With regard to business outlook, please refer to Prysmian’s Integrated Annual Report.

2. Financial statements
Statement of financial position

of which of which
related related
(in Euro) Note 31.12.2023 31.12.2022
parties parties
(Note 25) (Note 25)
Non-current assets
Property, plant and equipment 1 90,327,812 86,356,289
Intangible assets 2 112,770,729 125,832,341
Investments in subsidiaries 3 5,719,701,514 5,719,701,514 5,701,163,010 5,701,163,010
Derivatives 7 10,508,194 59,208,767
Deferred tax assets 4 575,490 -
Other receivables 5 87,907,198 84,233,856 480,905
Total non-current assets 6,021,790,937 5,973,041,312
Current assets
Trade receivables 5 274,671,900 266,735,183 267,751,421 261,626,895
Other receivables 5 136,469,129 45,707,254 313,399,028 248,362,065
Financial assets at fair value through profit or loss 6 - 193,419,090
Derivatives 7 21,650,196 1,495,567 14,184,805 1,508,980
Total current assets 433,195,732 789,689,734
Total assets 6,454,986,669 6,762,731,046
Capital and reserves:
Share capital 9 27,653,445 26,814,425
Reserves 9 2,294,930,452 2,290,362,325
Net profit/(loss) 9 264,265,777 143,767,869
Total equity 2,586,849,674 2,460,944,619
Non-current liabilities
Borrowings from banks and other lenders 10 2,263,786,516 2,592,754,055
Employee benefit obligations 13 6,217,788 259,680 6,085,009 129,127
Derivatives 7 - -
Other payables 11 219,375 -
Deferred tax liabilities 14 - 10,005,178
Total non-current liabilities 2,270,223,679 2,608,844,242
Current liabilities
Borrowings from banks and other lenders 10 498,843,643 223,427,951
Provisions for risks and charges 12 46,697,529 6,390,590 43,203,216 5,373,590
Derivatives 7 1,409,785 1,409,785 1,177,325 1,177,325
Trade payables 11 574,105,794 27,365,736 651,916,269 15,949,796
Other payables 11 476,856,565 446,287,239 771,051,672 745,824,357
Current tax payables 14 - - 2,165,752 1,297,082
Total current liabilities 1,597,913,316 1,692,942,185
Total liabilities 3,868,136,995 4,301,786,427
Total equity and liabilities 6,454,986,669 6,762,731,046

Income statement
of which of which
related related
(in Euro) Note 2023 2022
parties parties
(Note 25) (Note 25)
Revenues and other income 15 246,323,323 233,109,617 245,035,005 230,897,794
Total revenues and other income 246,323,323 245,035,005
Raw materials, consumables and supplies 16 (7,011,799) (1,439,734) (9,150,196) (2,641,791)
Fair value change in metal derivatives (27,074) (27,074) 27,662 27,662
Personnel costs 17 (68,689,951) (5,847,938) (77,954,822) (10,114,628)

18 (41,150,888) (35,020,099)
and impairment reversals
Other expenses 19 (130,425,377) (38,717,870) (134,392,147) (37,382,480)
Operating income (981,766) (11,454,597)
Finance costs 20 (164,332,705) (42,978,604) (89,062,002) (17,080,084)
Finance income 20 114,527,357 69,289,702 75,097,619 68,528,463
Dividends from subsidiaries 21 340,210,884 340,210,884 243,001,115 243,001,115
(Impairment)/revaluation of investments 3 (35,449,980) (35,449,980) (66,714,088) (66,714,088)
Profit before taxes 253,973,790 150,868,047
Taxes 22 10,291,987 20,716,356 (7,100,178) 6,696,463
Net profit/(loss) 264,265,777 143,767,869
Statement of comprehensive income

premium
first-time
Extraord-
adoption
Treasury
IAS/IFRS
increase
(Euro/thousand)
reserve
reserve
reserve
reserve
reserve
Capital
capital
shares
Share
Share
Legal
costs
inary
Balance at 31 December 2021 26,814 1,281,071 (14,476) 5,363 92,461 52,688 30,177
Capital increase costs
Dividend distribution
Share-based payments (813)
Allocation of prior year net profit
Non-monetary components of
convertible bond
Total comprehensive income/(loss)

for the year
Share-based payments 839 (17,586)
Allocation of prior year net profit
Non-monetary components of
convertible bond
Total comprehensive income/(loss)

for the year
(*) At 31 December 2023, the number of treasury shares held came to 3,718,405 with a total nominal value of Euro 371,841

Statement of changes in equity
(in Euro) Note 2023 2022
Net profit/(loss) 264,265,777 143,767,869
Other comprehensive income:
A) Change in cash flow hedge reserve: (31,440,646) 61,334,194
- Profit/(loss) for the year 9 (41,369,271) 80,702,886
- Taxes 9 9,928,625 (19,368,693)
B) Actuarial gains/(losses) on employee benefits (*) (134,520) 782,040
- Profit/(loss) for the year 9 (177,000) 1,029,000
- Taxes 9 42,480 (246,960)
Total other comprehensive income (A+B) (31,575,166) 62,116,234
Total comprehensive income/(loss) 232,690,611 205,884,103

(*) Components of comprehensive income that will not be reclassified to profit or loss in subsequent periods
bond reserve
Share-based
contribution
(loss) for the

Convertible
Share issue
(losses) on
Net profit/
employee
Cash flow
Retained
Actuarial
payment
earnings
Treasury
benefits
shares(*)
reserve
reserve
reserve
reserve
Capital
hedge
gains/
Total
year
6,113 (2,177) 84,321 62,256 (6,860) (92,461) 1,100 629,505 138,967 2,294,862
(5,960) (138,967) (144,927)
104,303 813 822 105,125
(34,771) 34,771 -
782 61,334 143,768 205,884
6,113 (1,395) 49,550 166,559 54,474 (91,648) 1,100 659,137 143,768 2,460,945
(15,403) (142,818) (158,221)
(85,766) 17,586 111 137,201 (950) 51,436
(135) (31,441) 264,266 232,691
6,113 (1,530) 49,550 80,793 23,033 (74,062) 1,211 780,935 264,266 2,586,850

Statement of cash flows
of which of which
related related
(in Euro) 2023 2022
parties parties
(Note 25) (Note 25)
Profit before taxes 253,973,790 150,868,046
Amortisation, depreciation and impairment 41,150,888 35,020,099
Impairment/(revaluation) of investments 35,449,980 35,449,980 66,714,088 66,714,088
Dividends (340,210,884) (340,210,884) (243,001,115) (243,001,115)
Share-based payments 6,300,220 20,518,943
Fair value change in metal derivatives 27,074 27,074 (27,662) (27,662)
Net finance costs 49,805,348 (26,311,098) 13,964,384 (51,448,379)
Change in trade receivables/payables (84,730,917) 6,307,653 46,540,467 -
Change in other receivables/payables 184,010,798 125,531,141 (36,812,672) 552,296,729
Change in employee benefit obligations (258,895) 130,533 (292,460) 116,851
Change in provisions for risks and other movements 3,356,720 - 5,376,403 -
Taxes collected/(paid) (10,985,680) (10,985,680) (7,273,430) (7,273,430)
A. Cash flow from operating activities 137,888,442 51,595,090
Investments in property, plant and equipment (11,374,442) (4,765,380) (2,875,388)
Investments in intangible assets (18,157,542) (23,235,163)
Investments in financial assets at fair value through profit or

197,768,000 -
loss
Investments to recapitalise subsidiaries (41,430,110) (41,430,110) (38,803,000) (38,803,000)
Dividends received 327,381,884 327,381,884 179,671,995 179,671,995
B. Cash flow from investing activities 454,187,790 114,758,444
Dividend distribution (159,782,301) (144,058,262)
Sale of treasury shares 1,341,150 821,714
Proceeds of new loans 121,936,924 1,335,000,000
Repayment of loans (200,000,000) (1,249,823,897)
Redemption of bonds - (750,000,000)
Changes in other net financial receivables/payables (328,303,204) (306,114,200) 542,550,077 552,296,729
Finance costs paid 1 (129,114,408) (42,710,382) (71,941,734) 16,169,926
Finance income received 2 101,314,724 55,425,357 71,936,549 53,233,588
C. Cash flow from financing activities (592,607,116) (265,515,552)
Net increase/(decrease) in cash and cash equivalents

D. (530,884) (99,162,018)
(A+B+C)
E. Cash and cash equivalents at the beginning of the year 935,390 100,097,408
F Cash and cash equivalents at the end of the year (D+E) 404,507 935,390
(1) Finance costs paid of Euro 129,114 thousand include both interest expense and bank fees paid in 2023.
(2) Finance income received of Euro 101,314 thousand includes amounts collected from Group companies for recharged fees for guarantees given.

3. Explanatory notes
A. GENERAL INFORMATION
Prysmian S.p.A. (“the Company”) is a company incorporated and domiciled in Italy and organised under the laws of
the Republic of Italy. The Company was formed on 12 May 2005 and as from 1 March 2017 has its registered office in Via
Chiese 6, Milan (Italy).
Through its controlling interests in Italian companies and the sub-holding companies Prysmian Cavi e Sistemi S.r.l. and
Draka Holding B.V., the Company indirectly owns equity interests in Prysmian’s operating companies. The Company
and its subsidiaries produce cables and systems and related accessories for the energy and telecommunications
industries and distribute and sell them around the globe.
in the FTSE MIB index, comprising the top 40 Italian companies by capitalisation and stock liquidity.
The financial statements contained herein were approved by the Board of Directors of Prysmian S.p.A. on 28 February
2024, which decided to publish it within the legal deadlines.
B. ACCOUNTING POLICIES
The accounting policies and standards adopted are the same as those used for preparing the consolidated financial
statements, to which reference should be made, except as described in Note 34.
B.1 BASIS OF PREPARATION

The 2023 financial statements represent the Separate Financial Statements of Prysmian S.p.A., the Parent Company
of Prysmian.
The present financial statements have been prepared on a going concern basis, with the Directors having assessed
that there are no financial, operating or other kind of indicators that might provide evidence of material uncertainties
as to the Company’s ability to meet its obligations in the foreseeable future and particularly in the next 12 months.
Section C. Financial risk management and Section C.1 Capital risk management of these Explanatory Notes contain a
description of how the Company manages financial risks, including liquidity and capital risks.
Under Legislative Decree 38 of 28 February 2005 “Exercise of the options envisaged by art. 5 of European Regulation
1606/2002 on international accounting standards”, issuers are required to prepare not only consolidated financial
statements but also separate financial statements for the Parent Company in accordance with the International
Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and published in
the Official Journal of the European Union.
The term “IFRS” refers to all the International Financial Reporting Standards, all the International Accounting Standards
(“IAS”), and all the interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”).
IFRS have been applied consistently to all the periods presented in this document. The Company’s financial statements
have, therefore, been prepared in accordance with IFRS and related best practice; any future guidance and new
interpretations will be reflected in subsequent years, in the manner established from time to time by the relevant
accounting standards.
The financial statements have been prepared on the historical cost basis, except for the valuation of certain financial
assets and liabilities, including derivatives, for which it is compulsory to apply the fair value method.
REPORTING FORMATS AND DISCLOSURES

The Company has elected to present its income statement according to the nature of expenses, whereas assets and
liabilities in the statement of financial position have been classified as either current or non-current. The statement of
cash flows has been prepared using the indirect method.
The Company has also applied the provisions of Consob Resolution 15519 dated 27 July 2006 concerning financial
statement formats and the requirements of Consob Communication 6064293 dated 28 July 2006 regarding disclosures.
All the amounts shown in the tables in the following Notes are expressed in thousands of Euro, unless otherwise stated.

B.2 NEWLY ADOPTED ACCOUNTING STANDARDS AND PRINCIPLES
The accounting principles and policies used to prepare the current financial statements are consistent with those used
for the 2022 separate financial statements. This means there are no new standards or interpretations that have been
applied for the first time in these financial statements and that have had an impact on them. Full details can be found
in the Explanatory Notes to the Consolidated Financial Statements.
A description of the standards and interpretations applicable from 1 January 2023 and of their effects will now follow.
New standards, interpretations and amendments

The following is a list of new standards, interpretations and amendments whose application became mandatory from
1 January 2023 but which, based on the assessments performed, have not had a material impact on the separate
financial statements at 31 December 2023:
• Amendments to IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9;

• Amendments to IAS 12: Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction;
• Amendments to IAS 1: Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of
Accounting Policies;
• Amendments to IAS 8: Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting
Estimates;
• Amendments to IAS 12 Income Taxes: International Tax Reform – Pillar Two Model Rules.
B.3 ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS NOT YET APPLICABLE AND NOT
ADOPTED EARLY BY THE COMPANY
The following new accounting standards, amendments and interpretations had been issued at the date of preparing
the present report but are not yet applicable and have not been adopted early by the Company.
Mandatory application
New accounting standards, amendments and interpretations
as from
Amendments to IAS 1: Presentation of Financial Statements:

• Classification of Liabilities as Current or Non-current;
1 gennaio 2024
• Classification of Liabilities as Current or Non-current: Deferral of Effective Date;
• Non-current Liabilities with Covenants.
Amendments to IFRS 16 Leases: Lease Liability in a Sale as Leaseback 1 gennaio 2024
Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures:
1 gennaio 2024
Supplier Finance Arrangements (issued on 25 May 2023)
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability
1 gennaio 2025
(issued on 15 August 2023)
Preliminary review has indicated that the new accounting standards, amendments and interpretations listed above
are not expected to have a material impact on the Company’s financial statements.
C. FINANCIAL RISK MANAGEMENT

Prysmian S.p.A. measures and manages its exposure to financial risks in accordance with the Group’s policies.
The main financial risks are centrally coordinated and monitored by the Group Finance Department. Risk management
policies are approved by the Group Finance, Administration and Control Department, which provides written guidelines
on managing the different kinds of risks and on using financial instruments.
The financial risks to which Prysmian S.p.A. is exposed, directly or indirectly through its subsidiaries, are the same as
those of the companies of which it is the Parent Company. Reference should therefore be made to Section C. Financial
risk management of the Explanatory Notes to the Group’s Consolidated Financial Statements.
The principal types of risks to which the Company is exposed are discussed below:
[a] Exchange rate risk

This arises from foreign currency trade or financial transactions not yet completed and from foreign currency assets
and liabilities already recognised in the accounts. The Company mitigates this risk by using forward contracts entered
into with the Group’s central treasury company (Prysmian Treasury S.r.l.), which manages the various currency positions.
The principal exchange rates affecting the Company are:
• Euro/US Dollar: in relation to business transactions in US dollars;

• Euro/British Pound: in relation to business transactions on the British market and vice versa.

In 2023, trade flows exposed to the above exchange rates accounted for approximately 94% of the exposure to exchange
rate risk arising from business transactions.
It is the Company’s policy to hedge, where possible, exposures in currencies other than its unit of account. In particular,
the Company hedges:
• firm cash flows: invoiced trade flows and exposures arising from loans receivable and payable;
• projected cash flows: trade and financial flows arising from firm or highly probable contractual commitments.
The following sensitivity analysis shows the effects on net profit of a 5% and 10% increase/decrease in exchange rates
versus closing exchange rates at 31 December 2023:
2023 2022
(Euro/thousand)
-5% +5% -5% +5%
British Pound (13) 12 (4) 3
US Dollar (3) 3 (45) 41
Australian Dollar (15) 14 - -
Singapore Dollar - - - -
Chinese Renminbi (80) 73 (5) 5
Other currencies (31) 28 (11) 10
Total (142) 129 (65) 59
2023 2022
(Euro/thousand)
-10% +10% -10% +10%
British Pound (28) 23 (8) 6
US Dollar (6) 5 (95) 77
Australian Dollar (33) 27 - -
Singapore Dollar - - (11) 9
Chinese Renminbi (170) 139 (1) 1
Other currencies (64) 53 (24) 19
Total (301) 246 (138) 113
When assessing the potential impact of the above, the assets and liabilities in currencies other than their unit of
account were considered, net of any derivatives hedging the above-stated cash flows.
The following sensitivity analysis shows the post-tax effects on equity reserves of an increase/decrease in the fair value
of designated cash flow hedges following a 5% and 10% increase/decrease in exchange rates versus closing exchange
rates at 31 December 2023:
2023 2022
(Euro/thousand)
-5% +5% -5% +5%
British Pound (625) 565 (602) 544
Total (625) 565 (602) 544
2023 2022
(Euro/thousand)
-10% 10% -10% 10%
British Pound (1,318) 1,079 (1,270) 1,039
Total (1,318) 1,079 (1,270) 1,039

[b] Interest rate risk
The interest rate risk to which the Company is exposed is mainly due to long-term financial liabilities, carrying both
fixed and variable rates.
Fixed rate debt exposes the Company to a fair value risk. The Company does not operate any particular hedging
policies in relation to the risk arising from such contracts.
The Group Finance Department monitors the exposure to interest rate risk and adopts appropriate hedging strategies
to keep the exposure within the limits defined by the Group Administration, Finance and Control Department,
arranging derivative contracts, if necessary.
The net liabilities considered for sensitivity analysis include variable rate financial receivables and payables and cash and
cash equivalents whose value is influenced by rate volatility. The Company calculates the pre-tax impact of changes in
interest rates on the income statement.
The simulations carried out for balances at 31 December 2023 indicate that, with all other variables remaining equal, a
25 b.p. increase/decrease in interest rates would have respectively reduced the level of financial payables by Euro 2,375
thousand (2022: decrease of Euro 986 thousand) or increased them by Euro 2,375 thousand (2022: increase of Euro 986
thousand). This simulation exercise is carried out on a regular basis to ensure that the maximum potential loss remains
within the limits set by Management.
[c] Price risk

This risk relates to the possibility of fluctuations in the price of strategic materials, whose purchase price is subject to
market volatility and whose procurement from third-party suppliers is managed centrally by the Company, which then
sells them on to Group operating companies. The Company is exposed to a residual price risk on those purchasing
positions that have not been promptly recharged to Group operating companies. More information about metal
derivatives can be found in Note 7. Derivatives.
[d] Credit risk

The Company does not have excessive concentrations of credit risk insofar as almost all its customers are companies
belonging to the Group. In addition, there are no material unimpaired past due receivables.
[e] Liquidity risk

Prudent management of the liquidity risk arising from the Company’s normal operations involves having adequate
levels of cash and cash equivalents and short-term securities and access to funds from a sufficient amount of
committed credit lines. The Company’s Finance Department prefers flexible forms of funding in the form of
committed credit lines.
At 31 December 2023, cash and cash equivalents stood at Euro 405 thousand, compared with Euro 935 thousand
at 31 December 2022. The Company is able to draw down on the credit lines granted to the Group in the form of
the Revolving Credit Facility 2023 (Euro 1,000 million). More details can be found in the Explanatory Notes to the
Consolidated Financial Statements (Section C. Financial risk management).
The following table presents an analysis, by due date, of the payables and liabilities settled on a net basis. The various
due date categories refer to the period between the reporting date and the contractual maturity of the obligations.
31 December 2022
(Euro/thousand) Due Due

Due within Due after
between between
1 year 5 years
1 - 2 years 2 - 5 years
Borrowings from banks and other lenders 489,602 74,765 1,933,603 252,166
Lease liabilities 4,963 2,023 3,220 2,288
Derivatives 1,410 - - -
Trade and other payables 1,050,962 - - -
Total 1,546,937 76,788 1,936,823 254,454

31 December 2022
(Euro/thousand) Due Due

Due within Due after
between between
1 year 5 years
1 - 2 years 2 - 5 years
Borrowings from banks and other lenders 218,308 459,513 1,983,686 134,843
Lease liabilities 4,512 4,167 2,489 1,158
Derivatives 1,177 - - -
Trade and other payables 1,422,968 - - -
Total 1,646,965 463,680 1,986,175 136,001
In completion of the disclosures about financial risks, the following is a reconciliation between the classes of financial
assets and liabilities reported in the Company’s statement of financial position and the categories used by IFRS 7 to
identify financial assets and liabilities:
31 December 2023
Receivables
Financial
(Euro/thousand) Financial and other Financial
liabilities at CFH
assets assets at liabilities
amortised derivatives
at FVPL amortised at FVPL
cost
cost
Financial assets at FVPL
Trade receivables 274,672
Other receivables 224,376
Derivatives (assets) 1,535 30,623
Cash and cash equivalents 405
Borrowings from banks and other lenders 2,762,630
Trade payables 574,106
Other payables 477,076
Derivatives (liabilities) 1,298 112
31 December 2022
Receivables
Financial
(Euro/thousand) Financial and other Financial
liabilities at CFH
assets assets at liabilities
amortised Derivatives
at FVPL amortised at FVPL
cost
cost
Financial assets at FVPL 193,419
Trade receivables - 267,751 - - -
Other receivables - 313,880 - - -
Derivatives (assets) 1,509 - - - 71,885
Cash and cash equivalents - 935 - - -
Borrowings from banks and other lenders - - - 2,816,182 -
Trade payables - - - 1,422,968 -
Other payables - - - 771,052 -
Derivatives (liabilities) - - 1,177 - -

C.1 CAPITAL RISK MANAGEMENT
The Company’s objective in capital risk management is primarily to safeguard business continuity in order to
guarantee returns for shareholders and benefits for other stakeholders. The Company also aims to maintain an optimal
capital structure in order to reduce the cost of debt and to comply with a series of covenants under the various credit
agreements (Note 10. Borrowings from banks and other lenders and Note 29. Financial covenants).
The Company also monitors capital on the basis of its gearing ratio (ie. the ratio between net financial debt and capital).
Details of the composition of net financial debt can be found in Note 10. Borrowings from banks and other lenders.
Capital is defined as the sum of equity and net financial debt.
The gearing ratios at 31 December 2023 and 31 December 2022 are shown below:
Equity 2,586,850 2,460,945
Total Capital 5,739,595 5,751,985
Gearing ratio 55% 57%
C.2 FAIR VALUE MEASUREMENT OF FINANCIAL INSTRUMENTS
IFRS 13 requires assets and liabilities recognised in the statement of financial position at fair value to be classified
according to a hierarchy that reflects the significance of the inputs used in measuring fair value.
Financial instruments are classified according to the following fair value measurement hierarchy:
Level 1: Fair value is determined with reference to quoted prices (unadjusted) in active markets for identical financial
instruments. Therefore, the emphasis within Level 1 is on determining both of the following:
a. the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market
for the asset or liability; and
b. whether the entity can enter into a transaction for the asset or liability at the price in that market at the measurement
date.
Level 2: Fair value is determined using valuation techniques where the input is based on observable market data. The
inputs for this level include:
a. quoted prices for similar assets or liabilities in active markets;

b. quoted prices for identical or similar assets or liabilities in markets that are not active;
c. inputs other than quoted prices that are observable for the asset or liability, for example:
I. interest rate and yield curves observable at commonly quoted intervals;
II. implied volatilities;
III. credit spreads;
d. market-corroborated inputs.
Level 3: Fair value is determined using valuation techniques where the input is not based on observable market data.

The following tables present the assets and liabilities that are recurrently measured at fair value:
31 December 2023
(Euro/thousand)
Assets
Financial assets at fair value through profit or loss
Derivatives through profit or loss - 1,535 - 1,535
Hedging derivatives - 30,623 - 30,623
Total assets - 32,158 - 32,158
Liabilities
Hedging derivatives - 112 - 112
Total liabilities - 1,410 - 1,410
31 December 2022
(Euro/thousand)
Assets
Financial assets at fair value through profit or loss 193,419 193,419
Hedging derivatives - 71,885 - 71,885
Total assets 193,419 73,394 - 266,813
Liabilities
Hedging derivatives - - - -
Total liabilities - 1,177 - 1,177
All outstanding derivatives have been entered into with the subsidiary Prysmian Treasury S.r.l. and all belong to Level
2 of the fair value hierarchy.

1. Property, plant and equipment
Assets under
Land and Plant and Other
(Euro/thousand) Equipment construction and Total
buildings machinery assets
advances
Balance at 31 December 2022 51,939 14,116 2,732 13,690 3,878 86,356
Movements in 2023:
- Investments 1,400 - 336 1,604 10,564 13,904
- Depreciation (2,864) (733) (837) (5,770) - (10,204)
- Impairment - - - - - -
- Reclassifications 481 - 244 1,509 (1,962) 272
Total movements (983) (733) (257) (2,657) 8,602 3,972
Of which:
- Historical cost 78,341 23,527 12,070 39,401 12,480 165,819
(27,385) (10,144) (9,595) (28,368) - (75,491)
and impairment
Net book value 50,956 13,383 2,475 11,033 12,480 90,328
Assets under
Land and Plant and Other
(Euro/thousand) Equipment construction and Total
buildings machinery assets
advances
Movements in 2022:
- Investments 1,611 - 488 1,794 2,169 6,062
- Depreciation (2,736) (735) (1,179) (5,350) - (10,000)
- Impairment - - - - - -
- Reclassifications - - 743 1,396 (2,918) (779)
- Other - - - - - -
Total movements (1,125) (735) 52 (2,160) (749) (4,717)
Of which:
- Historical cost 76,460 23,527 11,490 36,288 3,990 151,755
(24,521) (9,411) (8,758) (22,598) (111) (65,399)
and impairment
Net book value 51,939 14,116 2,732 13,690 3,878 86,356
“Land and buildings”, with a net book value of Euro 50,956 thousand, have recorded a net decrease of Euro 983
thousand in 2023, reflecting the net effect of asset depreciation (Euro 2,864 thousand) and the effect of applying IFRS
16 (Euro 1,400 thousand).
“Plant and machinery” (Euro 13,383 thousand) and “Equipment” (Euro 2,475 thousand) mostly refer to instrumentation
used for R&D activities and to various fixed installations within Prysmian’s headquarters.
“Other assets” (Euro 11,033 thousand) mainly consist of office furniture and equipment and computer equipment for
Euro 5,800 thousand, and capitalisations under IFRS 16 for Euro 5,233 thousand.

“Assets under construction and advances” (Euro 12,480 thousand) mostly refer to expenditure on plant and machinery
for use in R&D and on other equipment intended for the Prysmian headquarters and the new Quattordio site.
2. Intangible assets
Concessions,
licences, Intangibles in
Other intangible
(Euro/thousand) Patents trademarks Software progress and Total
assets
and similar advances
rights
Balance at 31 December 2022 37 35,732 75,274 - 14,790 125,832
Movements in 2023:
- Investments - 881 8,101 - 9,175 18,157
- Disposals - - - - - -
- Amortisation (5) (6,016) (24,926) - - (30,947)
- Reclassifications - 1,625 12,055 - (13,952) (272)
Total movements (5) (3,510) (4,770) - (4,777) (13,062)
Of which:
- Historical cost 11,455 74,046 201,173 787 10,013 297,473
(11,423) (41,824) (130,669) (787) - (184,703)
and impairment
Net book value 32 32,222 70,504 - 10,013 112,770
Concessions,
licences, Intangibles in
Other intangible
(Euro/thousand) Patents trademarks Software progress and Total
assets
and similar advances
rights
Movements in 2022:
- Investments - 669 8,825 - 13,741 23,235
- Disposals - - - - (1,202)
- Amortisation (4) (5,477) (19,541) - - (25,022)
- Reclassifications - 1,720 16,114 - (17,055) 779
Total movements (4) (3,088) 5,398 - (3,313) (1,008)
Of which:
- Historical cost 11,455 71,540 181,017 787 14,790 279,588
(11,418) (35,808) (105,743) (787) - (153,756)
and impairment
Net book value 37 35,732 75,274 - 14,790 125,832

In 2023, the value of gross investments in intangible assets came to Euro 18,157 thousand, most of which attributable
to ongoing enhancement of information systems and Digital Transformation projects. In 2023, as part of Prysmian’s
integration strategy, the Group ERP system (SAP 1C) was rolled out to the Elevators business, bringing the total number
of plants to 84, plus 6 corresponding distribution centres, that are managed using the single SAP 1C platform present
in over 30 countries.
“Concessions, licences, trademarks and similar rights” amount to Euro 32,222 thousand at 31 December 2023, with the
change since the previous year attributable to amortisation (Euro 6,016 thousand), capitalisations in the year (Euro 1,625
thousand) and new investments (Euro 881 thousand).
“Software” amounts to Euro 70,504 thousand at 31 December 2023, with the change since the previous year attributable
to amortisation (Euro 24,926 thousand), capitalisations in the year (Euro 12,055 thousand) and new investments (Euro
8,101 thousand).
“Intangibles in progress and advances” of Euro 10,013 thousand mostly refer to expenditure on rolling out the above
SAP projects, and on developing other software.
3. Investments in subsidiaries
These present a balance of Euro 5,719,702 thousand at 31 December 2023, having recorded the following movements
over the year:
Capital
Investment
Capital contributions
(Euro/thousand) 31.12.2022 (impairment)/ 31.12.2023
contributions for stock
revaluation
grants
Prysmian Cavi e Sistemi S.r.l. 404,391 - - 5,094 409,485
Draka Holding B.V. 4,796,127 - - 7,222 4,803,349
Prysmian Cavi e Sistemi Italia S.r.l. 116,282 - - 89 116,371
Prysmian Power Link S.r.l. 219,821 - - 115 219,936
Fibre Ottiche Sud - F.O.S. S.r.l. 38,752 30,000 (35,450) 36 33,338
Prysmian Treasury Srl 83,552 - - 3 83,555
Prysmian Kabel und Systeme GmbH 3,434 - - - 3,434
Draka Kabely SRO 1 - - - 1
Electronic and Optical Sensing Solutions

35,803 10,000 - - 45,803
S.r.l.
Prysmian Servizi S.p.A. 3,000 1,430 - - 4,430
Total investments in subsidiaries 5,701,163 41,430 (35,450) 12,559 5,719,702
The net change of Euro 18,539 thousand in the value of Investments in subsidiaries consists of an increase of Euro
53,989 thousand and a decrease of Euro 35,450 thousand for impairment.
The increase is attributable to capital contributions paid to Fibre Ottiche Sud S.r.l., Electronic and Optical Sensing
Solutions S.r.l. and Prysmian Servizi S.p.A. and to increases linked to the pay-related component of share-based plans,
with underlying Prysmian S.p.A. shares, for employees of other Group companies, as explained in Note 17. Personnel
costs. Since it is not recharged, this component has been treated like a capital contribution and so reported as an
increase in the value of the investments in the subsidiaries in which the plan beneficiaries are directly or indirectly
employed. These increases are matched by a corresponding movement in the specific equity reserve. Further
information can be found in Note 9. Share capital and reserves.

At the end of the financial year, the Company reviewed whether there was any evidence of impairment. This review
identified the following companies, the investments in which needed to be tested for recoverability: Prysmian
Cavi e Sistemi S.r.l., Draka Holding B.V., Fibre Ottiche Sud – F.O.S. S.r.l., Prysmian Cavi e Sistemi Italia S.r.l., Prysmian
PowerLink S.r.l. and Electronic and Optical Sensing Solutions S.r.l.. The carrying amount of the investments in these
subsidiaries was compared with their recoverable amount, defined as the higher of value in use and fair value less
costs to sell.
The cash flow projection used to calculate value in use took the post-tax cash flow in the 2024 budget for year one,
projecting this to 2025-2026 consistent with the five-year strategic plans using growth rates ranging between 0.66%
and 2.5% depending on the individual company’s country of operation. The WACC (Weighted Average Cost of Capital)
used to discount cash flows for determining value in use was also determined according to company country of
operation. The values of WACC thus determined were in a range of 7.88% to 9.83%. The perpetuity growth rate for
projections after 2024 was 2%.
It should also be noted that any reasonably possible change in the relevant assumptions used to determine recoverable
amount (+/-0.5% change in the growth rate, and +/-0.5% change in the discount rate) would not produce significantly
different results.
Fair value, on the other hand, was calculated on the basis of market inputs, in particular using the multiples method,
with reference to companies in the same sector.
These impairment tests revealed the need for a partial write-down of Euro 35,450 thousand against the value of the
investment in Fibre Ottiche Sud - F.O.S. S.r.l..
The following table summarises key information about investments held in subsidiaries:
Registered % interest % interest

Company name Share capital
office 2023 2022
EUR
Prysmian Cavi e Sistemi S.r.l. Milan 100 100
50,000,000
EUR
Draka Holding B.V. Amsterdam 100 100
52,229,321
EUR
Prysmian Cavi e Sistemi Italia S.r.l. Milan 100 100
77,143,249
EUR
Prysmian PowerLink S.r.l. Milan 100 100
100,000,000
EUR
Fibre Ottiche Sud - F.O.S. S.r.l. Battipaglia 100 100
47,700,000
EUR
Prysmian Treasury S.r.l. Milan 100 100
80,000,000
EUR
Prysmian Kabel Und Systeme GmbH Berlin 6.25 6.25
15,000,000
Prysmian Pension Scheme Trustee Ltd Hampshire GBP 1 100 100
Prysmian Kablo SRO(1) Bratislava EUR 21,246,000 0.005 0.005
EUR
Electronic and Optical Sensing Solutions S.r.l. Milan 100 100
5,000,000
EUR
Prysmian Servizi S.p.A. Milan 100 100
3,000,000
Jaguar Communication Consultancy Services

Mumbai INR 122,268,218 0.000001 0.000001
Private Ltd.(1)
BRL
Prysmian Cabos e Sistemas do Brasil S.A.(1) Sorocaba 0.040177 0.040177
910,044,391
(1) Controlled indirectly

4. Deferred tax assets
Deferred tax assets amount to Euro 575 thousand at 31 December 2023 (nil, together with deferred tax liabilities of Euro
10,005 thousand, at 31 December 2022). The change is primarily attributable to interest rate movements, impacting
the recognised amount of interest rate swaps and their corresponding tax value.
Deferred taxes:
- Deferred tax assets recoverable beyond 12 months 378 (10,201)
- Deferred tax assets recoverable within 12 months 197 196
Total deferred tax assets (liabilities) 575 (10,005)
Movements in deferred taxes are analysed as follows:
Employee benefit Provisions for

(Euro/thousand) Other Total
obligations risks
Balance at 31 December 2022 440 5,158 (15,603) (10,005)
Impact on income statement - 316 293 609
Impact on equity 42 - 9,929 9,971
Balance at 31 December 2023 482 5,474 (5,381) 575
“Other” mainly includes the tax effect deferred in equity arising on the hedge accounting treatment of Interest Rate
Swaps.
5. Trade and other receivables

31.12.2023
(Euro/thousand)
Other receivables:
Tax receivables - 54,433 54,433
Financial receivables 235 14,213 14,448
Prepaid finance costs 3,621 1,092 4,713
Receivables from employees 16 3,213 3,229
Advances to suppliers - 12 12
Other 84,035 63,363 147,398
Total other receivables 87,907 136,469 224,376
Total 87,907 411,141 499,048

31.12.2022
(Euro/thousand)
Other receivables:
Tax receivables - 49,572 49,572
Financial receivables 173 - 173
Prepaid finance costs 284 1,185 1,469
Receivables from employees 24 1,301 1,325
Pension plan receivables - - -
Advances to suppliers - - -
Other - 261,340 261,340
Total other receivables 481 313,399 313,880
Total 481 581,150 581,631
The following table breaks down trade and other receivables according to the currency in which they are expressed:
Euro 393,380 429,792
British Pound 22,269 28,869
US Dollar 51,164 75,378
Other currencies 32,235 47,592
Total 499,048 581,631
“Trade receivables” at 31 December 2023 mainly refer to amounts charged by Prysmian S.p.A. to its subsidiaries for
head office services and the resale of strategic materials.
The book value of trade receivables approximates their fair value.
Trade receivables are all due within the next year and do not include any material past due balances.
“Tax receivables” of Euro 54,433 thousand mainly refer to:
• foreign tax credits (Euro 6,104 thousand);

• VAT credits (Euro 18,662 thousand);
• R&D tax credits (Euro 6,282 thousand);
• corporate income tax (IRES) credit for Italian companies participating in the national and world tax consolidation
group (Euro 11,077 thousand);
• regional business tax (IRAP) credit (Euro 3,152 thousand);
• other tax receivables (Euro 9,156 thousand).
“Financial receivables” mainly refer to accrued income recognised to align the value of interest rate swaps with market
value.
“Prepaid finance costs”, amounting to Euro 4,713 thousand, mainly refer to the Company’s portion of the costs incurred
to arrange the new revolving credit facilitiy, which are being spread over the term of such facilities.

“Receivables from employees”, amounting to Euro 3,229 thousand, refer to employee loans for taxes advanced by the
Company.
At 31 December 2023, “Other” receivables of Euro 147,398 thousand mainly comprise:
• Euro 50,604 thousand in receivables from Group companies for recharges of the long-term BE IN 2022-2024
incentive plan;
• Euro 33,655 thousand in receivables from Group companies for recharges of the 2023-2025 long-term incentive
plan;
• Euro 25,986 thousand in receivables from Group companies mainly for the billing of patent and know-how licences;
• Euro 19,721 thousand in receivables from Italian Group companies for the transfer of IRES (Italian corporate income
tax) under the national tax consolidation (art. 117 et seq of the Italian Income Tax Code);
• Euro 17,334 thousand in prepayments.
The book value of financial receivables and other current receivables approximates the respective fair value.
6. Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss report a nil balance at 31 December 2023, versus Euro 193,419
thousand at 31 December 2022.
In fact, the Company sold the two positions held in monetary funds on 2 August 2023 and 8 September 2023
respectively.
7. Derivatives
Details of these balances are presented below:
31 December 2022
(Euro/thousand)
Asset Liability
Non-current
Interest rate derivatives (CFH) 10,508 -
Total cash flow hedges 10,508 -
Total non-current 10,508 -
Current
Forex derivatives on commercial transactions (CFH) 112
Forex derivatives on commercial transactions 1,383 1,397
Total other derivatives 1,423 1,410
Total current derivatives 21,650 1,410
Total 32,158 1,410

31 December 2022
(Euro/thousand)
Asset Liability
Non-current
Total non-current 59,209 -
Current
Forex derivatives on commercial transactions (CFH) - 314
Total cash flow hedges 12,676 314
Forex derivatives on commercial transactions 1,410 818
Total other derivatives 1,509 864
Total current derivatives 14,185 1,177
Total 73,394 1,177
The above derivatives are mostly arranged with Prysmian Treasury S.r.l., the Group’s central treasury company, except
for Interest Rates Swaps (IRS) intended to transform the interest rates on certain loans from floating into fixed and
which are arranged directly with leading financial institutions.
Forex derivatives have a notional value of Euro 42,877 thousand at 31 December 2023, of which Euro 14,421 thousand
designated as cash flow hedges relating to a service agreement and to currency hedges of metal purchase and sale
transactions.
Metal derivatives have a notional value of Euro 6,903 thousand.
Information about the notional value of Interest Rate Swaps can be found in Note 9. Share capital and reserves - Cash
flow hedge reserve.
8. Cash and cash equivalents

These amount to Euro 405 thousand at 31 December 2023, versus Euro 935 thousand at 31 December 2022, and relate
to the cash held on Euro and foreign currency bank current accounts repayable on demand.
The credit risk associated with cash and cash equivalents is limited insofar as the counterparties are major national and
international banks.
9. Share capital and reserves

Equity amounts to Euro 2,586,850 thousand at 31 December 2023, reporting an increase of Euro 125,905 thousand
since 31 December 2022. The changes over the year are discussed in the following paragraphs on the individual
components of equity.
Share capital
Share capital amounts to Euro 27,653 thousand at 31 December 2023, consisting of 276,534,448 ordinary shares
(including 3,718,405 treasury shares), with a nominal value of Euro 0.10 each. The total number of outstanding voting
shares is 272,816,043, net of the 10,669 treasury shares held indirectly.

Share capital at 31 December 2023 is Euro 839 thousand higher than at 31 December 2022 following capital increases
in implementation of the LTI and BE IN plans, the latter approved at the shareholders’ meeting on 12 April 2022.
The following table reconciles the number of outstanding shares at 31 December 2021, at 31 December 2022 and 31
December 2023:
Ordinary shares Treasury shares Total
Allotments and sales (1) - 40,837 40,837
Capital increases (2) 8,390,202 - 8,390,202
Allotments and sales (3) - 882,957 882,957
(1) Allotment and/or sale of treasury shares under the YES Group employee share purchase plan (40,837 shares).
(2) Issue of new shares serving the long-term incentive plan for Group employees (8,000,000 shares) and the BE IN plan (390,202 shares).
(3) Allotment and/or sale of treasury shares under Group employee share purchase plans.
More details about treasury shares can be found in the subsequent note on “Treasury shares”.
Share premium reserve
This reserve amounts to Euro 1,281,071 thousand at 31 December 2023, the same as at 31 December 2022.
This reserve, which reports a negative balance of Euro 14,476 thousand at 31 December 2023, mainly relates to the
costs incurred for the capital increase serving the public mixed exchange and cash offer for the ordinary shares of
Draka Holding B.V., announced on 22 November 2010 and formalised on 5 January 2011, and the costs incurred for the
capital increase resolved and approved in 2018.
Legal reserve
This reserve amounts to Euro 5,363 thousand at 31 December 2023, the same as at 31 December 2022.
Treasury shares reserve
This reserve, which amounts to Euro 74,062 thousand at 31 December 2023 (Euro 91,648 thousand at 31 December
2022), complies with statutory requirements (art. 2357-ter of the Italian Civil Code).
Treasury shares
The book value of treasury shares is Euro 74,062 thousand at 31 December 2023 and refers to 3,718,405 ordinary shares
with a total nominal value of Euro 371,841.

Movements in treasury shares have been as follows:
Total %
Number of Average unit Total
nominal value of share
shares value (in Euro) carrying value(in Euro)
(in Euro) capital
At 31 December 2021 4,642,199 464,220 1.73% 20 92,461,024
- Share buyback
- Allotments/sales (40,837) (4,084) 20 (813,371)
At 31 December 2022 4,601,362 460,136 1.72% 20 91,647,652
- Share buyback
- Allotments/sales (882,957) (88,296) 20 (17,586,301)
At 31 December 2023 3,718,405 371,841 1.34% 20 74,061,351
During 2023, the number of treasury shares decreased by a total of 882,957. Of this total, 145,512 and 102,454 shares
were allotted to employees who had signed up to the YES share purchase plan and BE IN incentive plan respectively,
41,919 shares were sold on preferential terms to employees of another group company under the same plan, while
593,072 shares related to settlement of the 2020-2022 LTI in June 2023.
Extraordinary reserve
This reserve amounts to Euro 52,688 thousand at 31 December 2023 (the same as at 31 December 2022), and was
formed through the apportionment of net profit for 2006, approved by the shareholders on 28 February 2007.
IAS/IFRS first-time adoption reserve
This reserve was created in accordance with IFRS 1 and reflects the differences arising on first-time adoption of IAS/IFRS.
It amounts to Euro 30,177 thousand at 31 December 2023, the same as at 31 December 2022.
Capital contribution reserve
This reserve amounts to Euro 6,113 thousand at 31 December 2023, the same as at 31 December 2022.
Actuarial gains/(losses) on employee benefitsi
The reserve for remeasuring employee benefit plans reports a negative balance of Euro 1,530 thousand at 31 December
2023, reflecting post-tax actuarial losses recognised through other comprehensive income, in accordance with IAS 19.
Convertible bond reserve
This reserve amounts to Euro 49,550 thousand (net of the related tax effect) at 31 December 2023, the same as a year
earlier, and refers to the non-monetary components of bonds, discussed in more detail in Note 10. Borrowings from
banks and other lenders.

Share-based payment reserve
This reserve amounts to Euro 80,793 thousand at 31 December 2023 (Euro 166,559 thousand at 31 December 2022),
reporting a net decrease of Euro 85,766 thousand since 31 December 2022 mainly due to:
• the transfer of Euro 134 thousand in costs to profit or loss for the period (Euro 274 thousand in 2022) in connection
with the YES plan, a share-based plan involving Prysmian S.p.A. shares;
• an increase of Euro 2,165 thousand in the carrying amount of investments in subsidiaries, in which beneficiaries of
the YES Plan involving Prysmian S.p.A. shares are directly or indirectly employed;
• the release of Euro 140,448 thousand from the reserve upon concluding the 2020-2022 LTI plan;
• an increase of Euro 37,367 thousand for the 2023-2025 LTI plan. Of this total, Euro 7,749 thousand relates to Prysmian
S.p.A. personnel, while Euro 29,618 thousand refers to the grant date fair value of shares allotted to LTI plan
beneficiaries employed in other Group companies, of which Euro 12,983 thousand not recharged to the subsidiaries;
• an increase of Euro 15,016 thousand for the BE IN incentive plan, more details about which can be found in Note 17.
Personnel costs. Of this total, Euro 184 thousand relates to Prysmian S.p.A. personnel, while Euro 14,831 thousand
refers to the grant date fair value of shares allotted to LTI plan beneficiaries employed in other Group companies, of
which Euro 2,590 thousand not recharged to the subsidiaries.
Further information can be found in Note 17. Personnel costs.
Cash flow hedge reserve
The cash flow hedge reserve, presenting a post-tax positive balance of Euro 23,033 thousand at 31 December 2023
(positive Euro 54,474 thousand at 31 December 2022), reports hedging derivatives that qualify for hedge accounting
under IFRS 9.
This reserve refers to the hedge of the Euro 1,200 million Sustainability-Linked Term Loan contracted with a syndicate
of leading Italian and international banks on 7 July 2022 and maturing on 7 July 2027. The maturities and amortisation
schedule of these derivatives are consistent with the terms of the loan.
The notional value of the interest rate swaps at 31 December 2023 is Euro 1,485,000 thousand.
Share issue reserve
The share issue reserve amounts to Euro 1,211 thousand at 31 December 2023 (Euro 1,100 thousand at 31 December
2022).
Retained earnings
Retained earnings amount to Euro 780,935 thousand at 31 December 2023, reporting an increase of Euro 121,798
thousand since 31 December 2022, of which Euro 15,403 thousand drawn from the reserve to pay the 2022 dividend,
an increase of Euro 1,341 thousand from selling YES plan shares to employees of a subsidiary and an increase of Euro
135,860 thousand after releasing the share-based payment reserve at the end of the 2020-2022 LTI plan.
The following table analyses each component of equity, indicating its origin, permitted use and availability for
distribution, as well as how it has been used in previous years.

Uses in three previous years
Amount
Permitted
(Euro/thousand) Nature/description Amount available for
use (A,B,C) to cover other
distribution
losses purposes
Share capital 27,653
Capital reserves:
. Capital contribution reserve 6,113 A,B,C 6,113
. Share premium reserve 1,281,071 A,B,C 1,281,071
. Capital increase costs (14,476) (14,476)
Earnings reserves:
. Extraordinary reserve 52,688 A,B,C 52,688
IAS/IFRS first-time adoption

. 30,177 A,B,C 30,177
reserve
. Legal reserve 5,363 B
. Share issue reserve 1,211 A,B,C 1,211
. Convertible bond reserve 49,550
. Retained earnings 780,935 A,B,C 780,935 57,181
Measurement
reserves(*):
Share-based payment
. 80,793
reserve
. Cash flow hedge reserve 23,033
Actuarial gains and losses on

. (1,530)
employee benefits
Total reserves 2,294,928 - -
Undistributable
157,209
amount
Distributable
2,137,719
amount
Key:
A: to increase capital
B: to cover losses
C: distribution to shareholders
(*) These reserves are not available for distribution under art. 6 of Italian Legislative Decree 38/05.
On 19 April 2023, the shareholders of Prysmian S.p.A. approved the financial statements for 2022 and the distribution
of a gross dividend of Euro 0.60 per share, for a total of some Euro 158 million. The dividend was paid out from
26 April 2023 to shares outstanding on the record date of 25 April 2023, with the shares going ex-dividend on
24 April 2023. A recommendation to pay a dividend of Euro 0.70 per share, for a total of some Euro 191 million in
respect of the year ended 31 December 2023, will be presented to shareholders in the meeting convened in single
call for 18 April 2024.

10. Borrowings from banks and other lenders
These amount to Euro 2,762,630 thousand at 31 December 2023, compared with Euro 2,816,182 thousand at 31
December 2022.
31 December 2023
(Euro/thousand)
Mediobanca Loan - 100,483 100,483
Intesa Loan - 151,342 151,342
CDP Loans 194,350 103,494 297,844
EIB Loans 134,870 113,085 247,955
Sustainability-Linked Term Loan 1,193,356 24,972 1,218,328
Convertible Bond 2021 727,830 - 727,830
Lease liabilities 11,444 5,418 16,861
Other payables to banks and other lenders 1,937 51 1,988
Total 2,263,787 498,844 2,762,630
31 December 2023
(Euro/thousand)
Mediobanca Loan 99,905 294 100,199
Intesa Loan 149,781 836 150,617
CDP Loans 174,685 520 175,205
EIB Loans 244,798 996 245,794
Unicredit Loan - 200,457 200,457
Sustainability-Linked Term Loan 1,191,474 6,114 1,197,588
Convertible Bond 2021 717,399 - 717,399
Lease liabilities 14,712 5,120 19,832
Other payables to banks and other lenders - 9,090 9,090
Total 2,592,754 223,428 2,816,182
Borrowings from banks and other financial institutions and Bonds are analysed as follows:
Mediobanca Loan 100,483 100,199
Intesa Loan 151,342 150,617
CDP Loans 297,844 175,205
EIB Loans 247,955 245,794
Sustainability-Linked Term Loan 1,218,328 1,197,588
Unicredit Loan - 200,457
Other borrowings 1,988 9,090
Borrowings from banks and other financial institutions 2,017,939 2,078,951
Convertible Bond 2021 727,830 717,399
Total 2,745,769 2,796,350

Credit Agreements
Prysmian S.p.A. had the following Credit Agreements in place during the course of 2023:
Revolving Credit Facility 2019 and 2023

On 3 April 2019, the Group renewed a Euro 1,000 million five-year revolving credit facility with a syndicate of leading
Italian and international banks. This line was extinguished on 20 June 2023 at the same time as agreeing the new
Revolving Credit Facility 2023. The new facility may be drawn down for business and working capital needs, including
the refinancing of existing facilities, and to issue guarantees. It has a five-year term, with an option to extend to six and
seven years. In addition, with the aim of deepening the embedding of ESG factors into the Group’s strategy, Prysmian
has chosen to include important environmental and social KPIs among the parameters determining the terms of
credit. The renewed revolving credit facility is in fact Sustainability-Linked, being tied to the decarbonisation targets
already set by the Group (annual GHG emissions from 2023 to 2030), to the ratio of female white-collar and executive
hires to total Group hires, and to the number of sustainability audits performed in the supply chain.
At 31 December 2023, this facility was not being used.
CDP Loans
On 28 October 2019, the Group entered into an agreement with Cassa Depositi e Prestiti S.p.A. (CDP) for a Euro 100
million long-term loan for 4 years and 6 months from the date of signing, with a bullet repayment at maturity.
The purpose of this loan is to finance part of the Group’s capital expenditure and expenditure on research, development
and innovation in Italy and Europe. Interest rate swaps have been arranged in respect of this loan, for an overall notional
value of Euro 100 million, with the objective of hedging variable rate interest flows over the period 2020-2024.
On 28 January 2021, a second loan was agreed with CDP for Euro 75 million with a term of 4 years and 6 months, for
the purpose of financing part of the Group’s expenditure on purchasing the “Leonardo Da Vinci” cable-laying vessel.
This loan, drawn down in full on 9 February 2021, is repayable in a lump sum at maturity on 28 July 2025. Interest rate
swaps have been arranged in respect of this loan, for an overall notional value of Euro 75 million, with the objective of
hedging variable rate interest flows over the period 2021-2025.
On 6 March 2023, another long-term 6-year loan with CDP was announced for Euro 120 million, for the purpose of
supporting the Group’s R&D programs in Italy and Europe (specifically in France, Germany, Spain and the Netherlands).
The loan, received on 15 February 2023, is repayable in a lump sum at maturity on 15 February 2029.
At 31 December 2023, the fair value of the CDP Loans approximated their carrying amount.
EIB Loans
On 10 November 2017, Prysmian S.p.A. entered into a loan agreement with the European Investment Bank (EIB) for
Euro 110 million to support the Group’s R&D programs in Europe over the period 2017-2020. The loan was received on
29 November 2017 and is repayable in a lump sum at maturity on 29 November 2024. Interest rate swaps have been
arranged in respect of this loan, for an overall notional value of Euro 110 million, with the objective of hedging variable
On 3 February 2022, the Group announced that it had finalised a loan from the EIB for Euro 135 million to support its
European R&D program in the energy and telecom cable systems sector over the period 2021-2024.
This loan is specifically intended to support projects to be developed at R&D centres in five European countries: Italy,
France, Germany, Spain and the Netherlands.
The loan, received on 28 January 2022, is repayable in a lump sum at maturity on 29 January 2029.
At 31 December 2023, the fair value of the EIB Loans approximated their carrying amount.
Sustainability-Linked Term Loan

On 7 July 2022, the Group entered into a medium-term Sustainability-Linked loan for Euro 1,200 million with a syndicate
of leading Italian and international banks. The loan was drawn down in full on 14 July 2022 and primarily used to
refinance the Euro 1 billion term loan obtained in 2018, which was thus repaid early on the same date. Interest rate
swaps have been arranged in respect of this loan, for an overall notional value of Euro 1,200 million, with the objective
of hedging variable rate interest flows.
With the aim of strengthening its financial structure and embedding ESG factors in the Group’s strategy, Prysmian
has chosen to include important environmental and social KPIs among the parameters determining the terms of the
loan.
In fact, the Sustainability-Linked Term Loan requires annual compliance with ESG indicators. The indicators to be met
for 2023 are as follows:
• Scope 1 and Scope 2 CO2 emissions, calculated using the market-based method, less than or equal to 654 ktCO2eq
(see the “Scorecard 2023-2025” within the “Non-Financial Statement” included in the Group Directors’ Report);
• Performance of at least 34 sustainability audits of its suppliers (see the “Sustainable value chain” chapter of the
“Non-Financial Statement” included in the Group Directors’ Report);
• 41.1% or more of the Group’s total white-collar hires must be women (see “Prysmian’s Human Capital” within the
“Non-Financial Statement” included in the Group Directors’ Report).
The achievement or otherwise of these indicators entails a positive or negative adjustment of the annual spread.
At 31 December 2023, the fair value of the Sustainability-Linked Term Loan approximated its carrying amount.

Unicredit Loan
On 15 November 2018, Prysmian S.p.A. entered into an agreement with Unicredit for a long-term cash loan for a
maximum amount of Euro 200 million for 5 years from the date of signing. The loan was drawn down in full on 16
November 2018 and repaid in November 2023.
Mediobanca Loan
On 20 February 2019, the Group entered into an agreement with Mediobanca for a Euro 100 million long-term loan for
5 years from the date of signing. The loan was drawn down in full on 22 February 2019 and is repayable in a lump sum
at maturity. The interest rate applied is indexed to 3M and 6M Euribor, as chosen by the company. At 31 December 2023,
the fair value of this loan approximated its carrying amount.
Intesa Loan
On 11 October 2019, the Group entered into an agreement with Intesa Sanpaolo for a Euro 150 million long-term loan for
5 years from the date of signing. The loan was drawn down in full on 18 October 2019 and is repayable in a lump sum at
maturity. At 31 December 2023, the fair value of this loan approximated its carrying amount.
The fair value of loans has been determined using valuation techniques that refer to observable market data (Level 2
of the fair value hierarchy).
The following tables summarise the committed lines available to the Company at 31 December 2023 and 31
December 2022:
31 December 2023
(Euro/thousand)
Revolving Credit Facility 2023 1,000,000 - 1,000,000
CDP Loans 295,000 (295,000)
Intesa Loan 150,000 (150,000)
Mediobanca Loan 100,000 (100,000)
Sustainability-Linked Term Loan 1,200,000 (1,200,000)
EIB Loans 245,000 (245,000)
Total 2,990,000 (1,990,000) 1,000,000
31 December 2023
(Euro/thousand)
Revolving Credit Facility 2019 1,000,000 - 1,000,000
CDP Loans 175,000 (175,000)
Intesa Loan 150,000 (150,000)
Mediobanca Loan 100,000 (100,000)
Sustainability-Linked Term Loan 1,200,000 (1,200,000)
Unicredit Loan 200,000 (200,000)
EIB Loans 245,000 (245,000)
Total 3,070,000 (2,070,000) 1,000,000

More details about the nature and drawdown of the Group-level facilities shown above can be found in the Explanatory
Notes to the Consolidated Financial Statements (Note 12. Borrowings from banks and other lenders).
Bonds
As at 31 December 2023, Prysmian S.p.A. had the following bond issue in place:
Convertible Bond 2021

On 26 January 2021, the Group announced the successful placement of an equity-linked bond (the “Bonds”) for the
sum of Euro 750 million.
The Bonds have a 5-year maturity and denomination of Euro 100,000 each and are zero coupon. The issue price was
Euro 102.50, representing a yield to maturity of minus 0.49% per annum. The initial price for the conversion of the
Bonds into the Company’s ordinary shares is Euro 40.2355, representing a 47.50% premium on the weighted average
price by volume of Prysmian ordinary shares on the Milan Stock Exchange between the start and end of the book-
building process on 26 January 2021.
The shareholders’ meeting held on 28 April 2021 authorised the convertibility of the equity-linked bond and approved
the proposal for a share capital increase serving the conversion of the convertible bond for a maximum nominal
amount of Euro 1,864,025.50 by issuing up to 18,640,255 ordinary shares with a nominal value of Euro 0.10 each.
As provided for in the Bond regulations, the Group has the option to call all - but not just a part - of the Bonds at their
principal amount from 12 February 2024, should the share price exceed 130% of the conversion price for at least 20 days
within a period of 30 consecutive trading days.
On 14 June 2021, the Bond was admitted to listing on the multilateral trading facility of the Vienna Stock Exchange.
The following table summarises the values of the Convertible Bond 2021 as at 31 December 2023:
(Euro/thousand)
Value of Convertible Bond 2021 768,750
Equity reserve for convertible bond (49,550)
Change in conversion option (16,130)
Issue date net balance 703,070
Interest - non-monetary 26,930
Related costs (2,170)
Balance at 31 December 2023 727,830
At 31 December 2023, the fair value of the Convertible Bond 2021 (equity component and debt component) was Euro
830 million, of which Euro 693 million attributable to the debt component and Euro 137 million to the equity component.
In the absence of trading on the relevant market, the fair value of the bond’s debt and equity components has been
determined using valuation techniques that refer to observable market data (Level 2 of the fair value hierarchy).

Borrowings from banks and other lenders and Lease liabilities
The following tables report movements in Borrowings from banks and other lenders and in Lease liabilities:
Other
Unicredit Sustainability-
Conv. borrowings
(Euro/thousand) CDP EIB Mediobanca Linked Total
bonds and lease
and Intesa Term Loan
liabilities
Balance
175,206 245,794 451,274 717,400 1,197,588 28,923 2,816,180
31.12.2022
New funds 120,000 - 1,937 121,937
Repayments/
(200,000) (200,000)
Conversions
Amortisation of bank
and financial fees and (359) 49 354 1,062 1,882 2,990
other expenses
New IFRS 16 leases (2,970) (2,970)
Interest and other 3,000 2.111 197 9,368 18,857 (9,040) 24,494
Total movements 122,641 2.161 (199,449) 10,431 20,739 (10,073) (53,550)
Balance 31.12.2023 297,847 247,955 251,825 727,830 1,218,328 18,850 2,762,630
The following tables provide an analysis by maturity and currency of borrowings from banks and other lenders
(excluding lease liabilities) at 31 December 2023 and 2022:
31 December 2023
(Euro/thousand)
Variable rate Fixed rate Total
Due within 1 year 488,471 5,493 493,964
Due between 1 and 2 years 75,269 688 75,957
Due between 2 and 3 years 426 728,626 729,052
Due between 3 and 4 years 1,198,876 453 1,199,329
Due between 4 and 5 years - - -
Due after more than 5 years 254,470 - 254,470
Total 2,017,512 735,260 2,752,772
Average interest rate in period, as per contract 3.9% 1.3% 3.3%
Average interest rate in period, including IRS effect(*) 2.6% 1.3% 2.3%
(*) Interest rate swaps have been put in place to hedge interest rate risk on variable rate loans in Euro. At 31 December 2023, the total hedged amount equates to 73.4% of
Euro-denominated variable-rate debt at that date. Interest rate hedges consist of interest rate swaps which exchange a variable rate (3 or 6-month Euribor for loans in Euro)
with an average fixed rate (fixed rate + spread) of 2.1% for Euro-denominated debt. The percentages representing the average fixed rate refer to 31 December 2023.
31 December 2022
(Euro/thousand)
Variable rate Fixed rate Total
Due within 1 year 203,104 15,204 218,308
Due between 1 and 2 years 459,513 - 459,513
Due between 2 and 3 years 74,813 - 74,813
Due between 3 and 4 years - 717,399 717,399
Due between 4 and 5 years 1,191,474 - 1,191,474
Due after more than 5 years 134,843 - 134,843
Total 2,063,746 732,603 2,796,350
Average interest rate in period, as per contract 1.0% 1.3% 1.1%
Average interest rate in period, including IRS effect 1.5% 1.3% 1.5%

Net financial debt
of which of which
(Note 25) (Note 25)
CDP Loans 10 194,350 174,685
Mediobanca Loan 10 - 99,905
Intesa Loan 10 - 149,781
EIB Loans 10 134,870 244,798
Sustainability-Linked Term Loan 10 1,193,356 1,191,474
Convertible Bond 2021 10 727,830 717,399
Other financial payables 1,937
Total long-term financial payables 2,263,787 2,592,754
CDP Loans 10 103,470 520
Mediobanca Loan 10 100,483 294
Intesa Loan 10 151,342 836
EIB Loans 10 113,085 996
Sustainability-Linked Term Loan 10 24,972 6,114
Unicredit Loan 10 - 200,457
Short-term loans from Group companies 10 440,304 440,304 742,742 742,742
Other financial payables 10 76 9,090
Total short-term financial payables 939,149 966,169
Total financial liabilities 3,202,935 3,558,923
Long-term bank fees 5 3,621 284
Non-current interest rate derivatives 7 10,508 59,209
Current interest rate derivatives 7 20,115 12,676
Short-term financial receivables 6 12,758 193,417
Short-term financial receivables from Group companies 5 1,456 1,456 -
Short-term bank fees 5 1,092 1,185
Cash and cash equivalents 8 405 935

The following table presents a reconciliation of the Company’s net financial debt to the amount reported in accordance
with the requirements of Consob Communication no. 5/21 of 29 April 2021 concerning compliance with the “Guidelines
on disclosure requirements under the Prospectus Regulation” published by ESMA on 4 March 2021 (reference ESMA32-
382-1138):
of which of which
(Note 25) (Note 25)
Net financial debt - as reported above 3,152,745 3,291,040
Adjustments to exclude:
Long-term financial receivables and other assets 5 3.621 177
Long-term bank fees 5 235 284
CFH derivatives (assets) 30,623 71,885
Adjustments to include:
Net non-CFH forex derivatives on commercial

7 13 13 (592) (592)
transactions, excluding non-current assets
Net non-CFH metal derivatives, excluding

7 (27) (27) (53) (53)
non-current assets
Recalculated net financial debt 3,187,210 3,362,741
11. Trade and other payables

31 December 2023
(Euro/thousand)
Other payables:
Tax and social security payables 50 16,910 16,960
Advances from customers - - -
Payables to employees 169 12,458 12,627
Other - 6,784 6,784
Financial payables - 440,303 440,303
Total 219 1,050,963 1,051,182

31 December 2022
(Euro/thousand)
Other payables:
Tax and social security payables - 9,092 9,092
Advances from customers - - -
Payables to employees - 10,707 10,707
Other - 8,015 8,015
Financial payables 742,746 742,746
Total other payables - 771,052 771,052
Total - 1,422,968 1,422,968
Trade payables mainly comprise invoices received from suppliers of strategic metals and only to a minor extent those
received from suppliers of other goods and outside professional services involving organisational, legal and IT advice.
Other payables, totalling Euro 477,076 thousand, mainly comprise:
• social security payables for contributions on employee wages and salaries and amounts payable into supplementary
pension funds;
• tax payables mainly for tax withheld from employees and not yet paid to the tax authorities;
• payables to employees for accrued wages and salaries not yet paid;
• other payables, mainly referring to amounts owed to Group companies for various reasons;
• financial payables of Euro 440,303 thousand, mainly relating to the intercompany current accounts with Prysmian
Treasury S.r.l. in Euro, US dollars and Chinese Renminbi.
Trade payables include around Euro 365,097 thousand for the supply of strategic metals, for which a payment extension
of more than 60 days has been obtained.
The following table breaks down trade and other payables according to the currency in which they are expressed:
Euro 1,018,092 1,396,943
US Dollar 23,313 17,221
British Pound 1,249 1,928
Other currencies 8,528 6,876
Total 1,051,182 1,422,968

12. Provisions for risks and charges
The following table reports movements in these provisions during the reporting period:
(Euro/thousand) Legal and contractual risks Other risks and charges Total
Balance at 31 December 2022 33,844 9,359 43,203
Movements in 2023:
- Increases 4,003 164 4,167
- Uses (270) - (270)
- Releases (403) - (403)
- Other - - -
Total movements 3,330 164 3,494
Balance at 31 December 2023 37,174 9,523 46,697
The provisions for risks, amounting to Euro 46,697 thousand at 31 December 2023, report a net increase of Euro
3,494 thousand since 31 December 2022 after adjusting them to an appropriate level to cover the potential liabilities
concerned.
These provisions include the provision for the antitrust investigations discussed in the following paragraphs.
Antitrust - European Commission proceedings in the high voltage underground and submarine cables business
By way of introduction, it will be recalled that the European Commission started an investigation in late January 2009
into several European and Asian electrical cable manufacturers to verify the existence of alleged anti-competitive
practices in the high voltage underground and submarine cables markets. This investigation was concluded with the
decision adopted by the European Commission, also upheld by the European courts, which found Prysmian Cavi e
Sistemi S.r.l. (“Prysmian CS”) jointly liable with Pirelli & C. S.p.A. (“Pirelli”) for the alleged infringement in the period from
18 February 1999 to 28 July 2005, and Prysmian Cavi e Sistemi S.r.l. jointly liable with Prysmian S.p.A. (“Prysmian”) and
The Goldman Sachs Group Inc. (“Goldman Sachs”) for the alleged infringement in the period from 29 July 2005 to 28
January 2009. Following the conclusion of this case, the Group paid the European Commission the amount due within
the prescribed term using provisions already set aside in previous years.
Likewise in the case of General Cable, the European courts confirmed the contents of the European Commission’s
decision of April 2014, thus definitively upholding the fine levied against it under this decision. As a result, the Group
went ahead and paid a fine for Euro 2 million.
In November 2014 and October 2019 respectively, Pirelli filed two civil actions, recently combined, against Prysmian CS
and Prysmian in the Court of Milan, seeking:
I. to be held harmless from any claim brought by the European Commission in enforcement of its decision and for
any expenses incidental to such enforcement;
II. to be held harmless from any third-party claims for damages relating to the conduct forming the subject of the
European Commission’s decision and
III. to be compensated for the damages allegedly suffered and quantified as a result of Prysmian CS and Prysmian
having requested, in certain pending legal actions, that Pirelli be held liable for the unlawful conduct found by the
European Commission in the period from 1999 to 2005.
As part of the same proceedings, Prysmian CS and Prysmian, in addition to requesting full dismissal of the claims
brought by Pirelli, have filed symmetrical and opposing counterclaims to those of Pirelli in which they have requested
I. to be held harmless from any claim brought by the European Commission in enforcement of its decision and for
any expenses incidental to such enforcement;
II. to be held harmless from any third-party claims for damages relating to the conduct forming the subject of the
European Commission’s decision and
III. to be compensated for damages suffered as a result of the legal actions brought by Pirelli. This action is currently
pending.

Antitrust - Claims for damages resulting from the European Commission’s 2014 decision
During the first few months of 2017, operators belonging to the Vattenfall Group filed claims in the High Court of London
against a number of cable manufacturers, including companies in Prysmian, to obtain compensation for damages
purportedly suffered as a result of the alleged anti-competitive practices sanctioned by the European Commission. In
June 2020, Prysmian companies concerned presented their defence as well as serving a summons on another party
to whom the EU decision was addressed. In July 2022, an agreement was reached for an out-of-court settlement of
Vattenfall’s claims against the Group companies. However, the legal proceedings brought by the Group companies
against the other party to whom the EU decision was addressed are continuing.
On 2 April 2019, a writ of summons was served, on behalf of Terna S.p.A., on Pirelli, Nexans and companies in Prysmian,
demanding compensation for damages purportedly suffered as a result of the alleged anti-competitive practices
sanctioned by the European Commission in its April 2014 decision. This action has been brought before the Court of
Milan. On 24 October 2019, Prysmian companies concerned responded by presenting their preliminary defence. By
an order dated 3 February 2020, the Court upheld the points raised by the defendants, giving Terna until 11 May 2020
to complete its writ of summons and scheduling a hearing for 20 October 2020. Terna duly completed its summons,
which was filed within the required deadline. The proceedings are at a pre-trial stage.
On 2 April 2019, a writ of summons was served, on behalf of Electricity & Water Authority of Bahrain, GCC Interconnection
Authority, Kuwait Ministry of Electricity and Water and Oman Electricity Transmission Company, on a number of
cable manufacturers, including companies in Prysmian, on Pirelli and Goldman Sachs. This action, brought in the
Court of Amsterdam, once again involved a claim for compensation for damages purportedly suffered as a result of
the alleged anti-competitive practices sanctioned by the European Commission. On 18 December 2019, Prysmian
companies concerned presented their preliminary defence, the hearing of which took place on 8 September 2020.
On 25 November 2020, the Court of Amsterdam handed down a ruling under which it upheld the submissions made
and declined jurisdiction over defendants not based in the Netherlands, thus excluding them from the proceedings.
On 19 February 2021, the plaintiffs announced that they had filed an appeal against this ruling. Prysmian companies
concerned, together with the other third-party first-instance defendants, have entered an appearance in court
contesting the plaintiff’s claims. On 25 April 2023, the Amsterdam Court of Appeal handed down a ruling under which
it decided to submit to the European Court of Justice a number of questions on the interpretation of European law,
which it considers instrumental to its decision. The case has therefore been stayed pending the European Court of
Justice’s response.
In September 2022, the Group was informed that companies in the RWE Group had brought an action in the British
courts against Prysmian S.p.A. and Prysmian Cavi e Sistemi S.r.l. involving a claim for compensation for damages
supposedly suffered as a result of the alleged anti-competitive practices sanctioned by the European Commission in
its April 2014 decision. In June 2023, an agreement was reached for an out-of-court settlement, therefore putting an
end to this lawsuit.
Furthermore, in February 2023, the Group received notification of an application by British consumer representatives
requesting authorisation from the relevant local court to initiate proceedings against a number of cable manufacturers,
including Prysmian S.p.A. and Prysmian Cavi e Sistemi S.r.l., and which also involved a claim for compensation for
damages supposedly suffered as a result of the alleged anti-competitive practices sanctioned by the European
Commission in its April 2014 decision. The case is pending and the Group companies involved have submitted their
preliminary defences.
In June 2023, a writ of summons, sent on behalf of Saudi Electricity Company, was received by a number of cable
manufacturers, including companies in Prysmian. This action, brought before the Court of Cologne, once again involves
a claim for compensation for damages purportedly suffered as a result of the alleged anti-competitive practices
sanctioned by the European Commission. The case is pending.
Based on the information currently available, and believing these potential liabilities unlikely to crystallise, the Directors
are of the opinion not to make any provision.
Antitrust - Other investigations

In Brazil, the local antitrust authority started proceedings against a number of manufacturers of high voltage
underground and submarine cables, including Prysmian, notified of such in 2011. On 15 April 2020, the CADE Tribunal
issued the operative part of the decision under which it held Prysmian liable for the alleged infringement in the period
from February 2001 to March 2004 and ordered it to pay a fine of BRL 10.2 million (approximately Euro 1.8 million). Using
the provisions already set aside in previous years, the Group made these payments by the required deadline. Prysmian
has filed an appeal against the CADE ruling. The appeal decision is pending.
At the end of February 2016, the Spanish antitrust authority commenced proceedings to verify the existence of anti-
competitive practices by local low voltage cable manufacturers and distributors, including the Group’s local subsidiaries.

On 24 November 2017, the local antitrust authority notified the Group’s Spanish subsidiaries of a decision under which
they were held liable for the alleged infringements in the period from June 2002 to June 2015 and were jointly and
severally ordered to pay a fine of Euro 15.6 million. The Group’s Spanish subsidiaries lodged an appeal against this
decision.
The appeal was partially upheld by the local court, which ruled on 19 May 2023 that the time period used by the
authority to calculate the fine should be reduced, with consequent revision of the fine itself. The Group’s Spanish
subsidiaries have appealed against this ruling.
The decision of 24 November 2017 also held the Spanish subsidiaries of General Cable liable for breach of local antitrust
law. However, they have obtained immunity from paying the related fine (quantified at about Euro 12.6 million) having
filed for leniency and collaborated with the local antitrust authority in its investigations. The Spanish subsidiaries of
General Cable also appealed against the decision of the local antitrust authority. The appeals have recently been
rejected in rulings dated 19 May and 1 June 2023 respectively. These appeals have also been dismissed by the Spanish
Supreme Court, as notified to the companies concerned on 19 January 2023.
In addition, in January 2022, an investigation was initiated by the German antitrust authority (Federal Cartel Office)
concerning alleged coordination in setting the standard metal surcharges applied by the industry in Germany. The
Group’s local subsidiaries have challenged before the courts the search and seizure orders under which the German
authorities carried out inspections at their offices and seized company documents.
During June 2022, the competition authorities of the Czech Republic and Slovakia conducted inspections at the
offices of the Group’s local subsidiaries with regard to alleged anti-competitive practices in setting metal surcharges.
Subsequently, in August 2022 and March 2023, the competition authorities of the Czech Republic and Slovakia
respectively announced the opening of an investigation into this matter involving, among others, the Group’s local
subsidiaries.
Given the high degree of uncertainty as to the timing and outcome of these ongoing investigations, the Directors
currently feel unable to estimate the related risk.
At 31 December 2023, the provision for antitrust matters pertaining to Prysmian S.p.A., included within the provision
for legal and contractual risks, amounted to Euro 30,316 thousand (Euro 28,003 thousand in 2022).
Despite the uncertainty of the outcome of the investigations and legal actions in progress, the amount of this provision
is considered to represent the best estimate of the liability based on the information now available.
At 31 December 2023, the provision for other risks amounted to Euro 9,523 thousand, reporting a net increase of Euro
164 thousand on the year before. This provision refers to risks deemed probable in connection with tax assessment
notices or tax audits carried out by the relevant tax authorities.
13. Employee benefit obligations

Prysmian S.p.A. provides post-employment benefits through schemes that include defined benefit plans, like the
statutory severance benefit and seniority bonuses.
Employee benefit obligations amount to Euro 6,218 thousand at 31 December 2023 (Euro 6,085 thousand at 31
December 2022) and are detailed as follows:
Statutory severance benefit 4,442 4,418
Termination and other benefits 1,776 1,667
Total 6,218 6,085

Employee benefit obligations have had the following impact on the income statement:
Statutory severance benefit 444 453
Termination and other benefits 210 (187)
Total 654 266
Statutory severance benefit

Opening balance 4,418 5,297
Interest costs 152 43
Actuarial (gains)/losses recognised in equity 177 (1,029)
Total movements 24 (879)
Closing balance 4,442 4,418
The actuarial losses recognised at 31 December 2023 (Euro 177 thousand) mainly relate to the change in the associated
economic parameters (the discount and inflation rates).
Under Italian law, the amount due to each employee accrues with service and is paid when the employee leaves the
company. The amount due upon termination of employment is calculated on the basis of the length of service and
the taxable remuneration of each employee. The liability is adjusted annually for the official cost of living index and
statutory interest, and is not subject to any vesting conditions or periods, or any funding obligation; there are therefore
no assets that fund this liability.
The rules governing this liability were revised by Legislative Decree 252/2005 and Law 296/2006 (Finance Act 2007):
amounts accrued since 2007 by companies with at least 50 employees now have to be paid into the INPS Treasury Fund
or to supplementary pension schemes, as decided by employees, which now take the form of “defined contribution
plans”. All companies nonetheless still account for revaluations of amounts accrued before 2007, while those companies
with fewer than 50 employees continue to accrue amounts for this liability not allocated to supplementary pension
schemes.
The benefits relating to this plan are paid to participants in the form of capital, in accordance with the related rules.
In certain circumstances, the benefit plan also allows the payment of partial advances against the full amount of the
accrued benefit.
The main risk is the volatility of the inflation rate and the discount rate, as determined by the market yield on AA-rated
corporate bonds denominated in Euro. Another risk factor is the possibility that members leave the plan earlier than
expected or that higher advance payments than expected are requested, resulting in an actuarial loss for the plan, due
to an acceleration of cash flows.
The actuarial assumptions used to value statutory severance benefit are as follows::
31 December 2023 31 December 2022
Discount rate 3.20% 3.80%
Expected future salary increase 2.20% 2.40%
Inflation rate 2.20% 2.40%

The following table presents a sensitivity analysis of the effects of an increase/decrease in the most significant
actuarial assumptions used to determine the present value of statutory severance benefit, namely the discount rate
and inflation rate:
31 December 2023
Change in inflation rate -0.25% +0.25%
Effects on obligation -1.57% +1.59%
Change in discount rate -0.50% +0.50%
Effects on obligation +4.77% -4.56%
Average headcount in the period is reported below, compared with closing headcount at the end of each period:
2023
Average % Closing
Desk staff and management 397 91% 397 90%
Non-desk staff 42 10% 43 10%
Total 439 100% 440 100%
2022
Average % Closing
Desk staff and management 388 91% 396 91%
Non-desk staff 40 9% 40 9%
Total 428 100% 436 100%
14. Current tax payables and deferred tax liabilities

Current tax payables report a nil balance at 31 December 2023 (Euro 2,165 thousand at 31 December 2022). At 31
December 2023, the Company is reporting a tax credit for IRES (Italian corporate income tax) for the Italian companies
that participate in the national and world tax consolidation, as presented in Note 5. Trade and other receivables.
Deferred tax liabilities report a nil balance at 31 December 2023 (Euro 10,005 thousand at 31 December 2022).
Further information can be found in Note 4. Deferred tax assets.
15. Revenues and other income

This line item reports Euro 246,323 thousand, versus Euro 245,035 thousand in 2022, and is detailed as follows:
Royalties 120,470 123,965
Head office services 93,365 85,526
Other revenues and sundry income 32,488 35,544
of which non-recurring - 327
Total 246,323 245,035

Royalties mostly refer to amounts charged to Prysmian subsidiaries for the use of patents, know-how and trademarks;
they amount to Euro 120,470 thousand at 31 December 2023 (Euro 123,965 thousand in the previous year).
Head office services of Euro 93,365 thousand (Euro 85,526 thousand in the previous year), refer to charges invoiced
by Prysmian S.p.A., under specific contracts for coordination and other services provided by head office functions to
Group companies.
Other revenues and sundry income of Euro 32,488 thousand mainly consist of proceeds received under legal
settlements, expense recharges and other miscellaneous income.
16. Raw materials, consumables and supplies

Consumables amount to Euro 7,012 thousand, versus Euro 9,150 thousand in 2022.
17. Personnel costs

Wages and salaries 50,157 63,018
of which Fair value share-based payments 6,300 20,519
Social security 11,316 10,840
Retirement pension costs 2,489 2,382
Statutory severance benefit 292 410
Personnel costs for business reorganisation 1,637 219
Other personnel costs 2,799 1,086
Total 68,690 77,955
Personnel costs report a decrease of Euro 9,265 thousand from the previous year, mainly due to changes in the fair
value of share-based payments.
At 31 December 2023, Prysmian S.p.A. had share-based payment plans in place for managers and employees of Group
companies and executive directors and executives with strategic responsibilities in the Companymembers of the
Company’s Board of Directors. These plans are described below.
Employee share purchase plan – YES
The YES plan is based on financial instruments and reserved for employees of Prysmian S.p.A. and/or of its subsidiaries.
The plan has offered the opportunity to purchase Prysmian’s ordinary shares on preferential terms, with a maximum
discount of 25% on the stock price, given in the form of treasury shares (the so-called discounted shares), except for
certain managers for whom the discount was 15%, and the executive Directors and key management personnel, for
whom the discount was 1% on the stock price.
The shares purchased by participants, as well as those received by way of discount and entry bonus, are subject to a
retention period, during which they cannot be sold and the length of which varies according to relevant local regulations.
All those who signed up to the plan have also received an entry bonus of eight free shares, or rather three free shares for
employees who have already participated in at least one of the purchase cycles in the previous two years, taken from
the Company’s portfolio of treasury shares, only available with their first-time purchase during the same financial year.

Furthermore, a loyalty bonus of five shares is provided for those who choose to extend the retention period of the
shares granted in 2019, 2020, and 2021.
On 28 April 2021, the shareholders of Prysmian S.p.A. approved an extension of the share ownership plan, which has
added new purchase windows in the years 2022, 2023 and 2024.
“A total maximum of 600,000 own shares are allocated for the purposes of discounted shares, entry bonus shares,
and loyalty bonus shares throughout the duration of the plan (2022-2024)”The Company has recognised costs of
Euro 134 thousand through profit or loss (in Personnel costs) at 31 December 2023 for the fair value of shares granted
under this plan.
The fair value of the shares has been determined using the Montecarlo binomial pricing model, based on the following
assumptions:
Windows
Share purchase date from 16 June 2022 to 16 September 2025
End of retention period from 16 June 2025 to 16 September 2027
Residual life (in years) 1.74
Share price at grant date (Euro) €30.87
Risk-free interest rate from 0.32% to 0.54%
Share fair value at grant date (Euro) from €23.94 to €19.27
the Company’s website at http://www.prysmian.com/, from its registered offices and from Borsa Italiana S.p.A.
“Grow” 2023-2025 long-term incentive plan
will cover approximately 1,100 recipients among management and other key Prysmian resources, including Prysmian
obtained from a bonus issue funded by profits or retained earnings in accordance with art. 2349 of the Italian Civil
Code, or a combination of new-issue shares and treasury shares. By means of this plan, Prysmian intends to strengthen
the Company’s and management’s commitment to creating sustainable value over time for all stakeholders, including
by involving a wide range of key people in over 40 countries who play an important role in the Group’s sustainable
success. The plan spans a three-year period and provides for the award of Performance Share upon achievement
of economic and financial performance conditions, Total Shareholders Return and ESG targets. The plan also allows
50% of the annual bonus, where due, for the years 2023, 2024, 2025 to be deferred in the form of Deferred Share. The
annual bonus is also linked to the achievement of ESG targets, as well as to economic-financial targets. The deferral of
the annual bonus also entails an additional award of 0,5 Matching shares for each Deferred Share which, in the case of
the Group’s some 50 top managers, is also dependent on the achievement of ESG targets by 2025. The plan has the
following objectives:
instruments;

The actual allocation of shares, in particular with reference to the Performance Shares, is subject to the level of
achievement of the following performance conditions: cumulative Adjusted EBITDA, cumulative Free Cash Flow,
average ROCE, relative TSR measured against a 11-member peer group and ESG, measured by a set of indicators.
The following table provides details about movements in the plan:
31 December 2023 Number of shares
Shares vested at start of year -
Change in expected participations -
Shares vesting in period 341.261
Total shares vested at end of year 341.261
The Company has recognised costs of Euro 7,749 thousand through profit or loss (in Personnel costs) at 31 December
2023 for the fair value of shares granted under this plan.
In accordance with IFRS 2, the shares allotted have been measured at their grant date fair value. The fair value of shares
related to performance shares, for the entire period of the plan, and to deferred and matching shares vesting in 2023
has been calculated using the following assumptions:
Grant date 19 aprile 2023
Share fair value (not market based) at grant date 28,43
Share fair value (market based) at grant date 21,99
The Report on Remuneration Policy and Compensation Paid and the information memorandum, prepared under
art. 114-bis of Legislative Decree 58/98 and describing the characteristics of the above plan, areis publicly available on the
Company’s website at http://www.prysmian.com/ , from its registered offices and from Borsa Italiana S.p.A.
BE-IN employees assigning shares plan
On 12 April 2022, the shareholders of Prysmian S.p.A. approved a stock grant plan for employees of Prysmian S.p.A. and
Prysmian companies, except for managers already covered by individual incentive schemes; the plan aims to foster
wide participation in future value creation and to strengthen the level of employee engagement; the plan is subject to
local consultation with the relevant trade union representatives, where required.
The plan, participation in which is voluntary, envisages three allotment cycles for 2022, 2023 and 2024 and provides for
the allotment of a maximum of 3,000,000 shares.
By voluntarily joining the plan, the employee agrees to receive, in lieu of payment of part of their monetary bonus, or
in some cases even without converting a monetary bonus, a value equating to a number of shares, to be calculated
on the basis of the allotment value, defined as the average share price over the 30 trading days preceding definition
of the incentive’s value. The number of shares allotted may be increased by an additional number of shares, up to a
maximum of 50% of the shares allotted.
The number of shares received by each participant is determined according to the amount of the incentive’s value.
Allotted shares are freely transferable from the grant date. If these shares are held for the entire holding period, meaning
12 months from grant date, the employee will be entitled to receive a number of additional shares. If, during the holding
period, the employee sells all or part of the shares received, they will no longer be entitled to receive additional shares.
The shares are credited to participants annually within specific time frames, identified on a local basis when rolling out
the plan.

Shares granted to participants in 2023, 2024 and 2025 will relate to performance in 2022, 2023 and 2024, respectively,
with the respective additional shares credited in 2024, 2025 and 2026.
During the plan’s rollout, some of these provisions may be adjusted not only to ensure that the plan nonetheless
complies with applicable local rules, legislation and tax and social security regulations but also to facilitate its
implementation for the sake of wider participation.
The Company has recognised costs of Euro 185 thousand through profit or loss (in Personnel costs) at 31 December
2023 for the fair value of shares granted under this plan.
The fair value of shares under this plan has been determined using the following assumptions:
Residual life at grant date (in years) 1,35
Exercise price (Euro) 0
Risk-free interest rate 2.14% - 2.52%
Share fair value at grant date of conversion and premium shares 32,93
Share fair value at grant date of loyalty shares 28,38
Residual life at grant date (in years) 1,35
Exercise price (Euro) 37,07
Share fair value at grant date of conversion and premium shares 30,10
Share fair value at grant date of loyalty shares 23,45
The Report on Remuneration Policy and Compensation Paid and the information memorandum, prepared under art.
114-bis of Legislative Decree 58/98 and describing the characteristics of the above plan, areis publicly available on the
Company’s website at http://www.prysmian.com/ , from its registered offices and from Borsa Italiana S.p.A.

18. Amortisation, depreciation and impairment
Depreciation of buildings, plant, machinery and equipment 3,020 3,363
Depreciation of other property, plant and equipment 1,976 1,668
Amortisation of intangible assets 30,947 25,022
Depreciation and impairment of right-of-use assets (IFRS 16) 5,208 4,969
Total 41,151 35,022
Amortisation and depreciation charges amount to Euro 41,151 thousand in 2023, posting a net increase of Euro 6,129
thousand on the previous year (when the year-on-year increase was Euro 5,385 thousand), mainly due to higher
amortisation for intangible assets that entered into service.
19. Other expenses

Other expenses amount to Euro 130,425 thousand in 2023, versus Euro 134,392 thousand in the previous year, analysed
as follows:
Professional services 51,256 49,123
IT costs 35,187 34,706
Insurance 3,652 3,686
Maintenance services 6 9
Operating and other costs 30,773 27,985
Utilities 1,226 1,730
Travel costs 4,350 2,842
Rental costs 1,392 1,211
Non-recurring other expenses and provisions/(releases) - 50
Increase in provisions for risks 2,583 12,000
Business reorganisation costs - 67
Other non-recurring costs - 983
Total non-recurring other expenses/(income) 2,583 13,050
Total 130,425 134,392
Professional services of Euro 51,256 thousand (Euro 49,123 thousand in 2022) include costs of personnel seconded from
other Group companies of Euro 15,597 thousand (Euro 15,328 thousand in 2022) and costs incurred to manage the
patents portfolio of Euro 3,400 thousand (Euro 3,460 thousand in 2022).
Professional services also include the compensation of the directors and statutory auditors of Prysmian S.p.A. and the
fees of the independent auditors for audit and related services, details of which can be found in Notes 25, 27 and 31.
Operating and other costs mainly refer to costs incurred for promotional activities and attendance at exhibitions and
trade fairs.
Rental costs amount to Euro 1,392 thousand (Euro 1,211 thousand in 2022).
As regards “Non-recurring other expenses and provisions”, the change primarily reflects the recognition of Euro 2,583
thousand in provisions for risks, as discussed in the earlier note.

20. Finance income and costs
Finance costs are detailed as follows:
Interest on loans 62,733 16,801
Interest on non-convertible bond - 5,188
Interest on convertible bond 2017- non-monetary component - 162
Interest on convertible bond 2021- non-monetary component 9,368 9,248
Amortisation of bank and financial fees and other expenses 5,559 6,357
Interest on lease liabilities 183 127
Employee benefit interest costs 216 60
Other bank interest 55,740 10,444
Costs for undrawn credit lines 2,559 2,737
Sundry bank fees 2,399 748
Other (4,042) 10,799
Interest Rate Swaps 14,951 11,572
Finance costs 149,666 74,243
Foreign currency exchange losses 14,667 14,819
Total finance costs 164,333 89,062
Amortisation of bank and financial fees and other expenses mainly reflects the portion of loan arrangement costs
amortised in the reporting period.
Other bank interest mainly refers to the EIB Loans (Euro 9,386 thousand), the CDP Loans (Euro 12,486 thousand) and
interest on the intercompany current account with Prysmian Treasury S.r.l. (Euro 33,596 thousand).
Finance income is detailed as follows:
Interest income from banks and other financial institutions 82 14
Other finance income 101,069 61,026
Finance income 101,151 61,040
Foreign currency exchange gains 13,376 14,058
Total finance income 114,527 75,098
Other finance income mainly refers to fees charged to Group companies for guarantees given by the Company for
their benefit.

21. Dividends from subsidiaries
During 2023, Prysmian S.p.A. recorded a total of Euro 327,382 thousand in dividends from its subsidiaries Draka
Holding B.V. and Prysmian Treasury S.r.l.. The total amount of dividends also includes income of Euro 12,829 thousand
to account for share-based payments, reflecting the difference between the grant date fair value of shares and their
fair value at the reporting date. For more details, see Note 34. Share-based payments.
22. Taxes
Current income taxes (9,682) 7,310
Deferred income taxes (610) (210)
Total (10,292) 7,100
Current income taxes report a net positive Euro 10,292 thousand in 2023, versus a net negative Euro 7,100 thousand in 2022.
Information about deferred taxes can be found in Note 4. Deferred tax assets.
Taxes charged on profit before taxes differ from those calculated using the theoretical tax rate applying to the Company
for the following reasons:
(Euro/thousand) 2023 Tax rate 2022 Tax rate
Profit before taxes 253,974 150,868
Theoretical tax expense at nominal tax rate 60,954 24.0% 36,208 24.0%
Dividends from subsidiaries (74,643) (29.4%) (40,965) (27.2%)
Impairment/(Revaluation) of investments in subsidiaries 8,508 3.3% 16,011 10.6%
Other permanent differences 12,977 5.1% 10,560 7.0%
IRAP for the year - 0.0% 2,440 1.6%
Other (4,113) (1.6%) (12,739) (8.4%)
Net effect of group tax consolidation for the year (13,975) (5.5%) (4,415) (2.9%)
Effective income taxes (10,292) (4.1%) 7,100 4.7%
The Company, along with all its Italian resident subsidiaries, participates, as head of the tax group, in a group tax
consolidation, pursuant to art. 117 et seq of the Italian Income Tax Code. The intercompany transactions arising under
such a group tax consolidation are governed by specific rules and an agreement between the participating companies,
which involve common procedures for applying the tax laws and regulations.
The following companies are members of the tax group:
• Fibre Ottiche Sud – F.O.S. S.r.l.

• Prysmian Cavi e Sistemi S.r.l.
• Prysmian Cavi e Sistemi Italia S.r.l.
• Prysmian Treasury S.r.l.
• Electronic and Optical Sensing Solutions S.r.l.
• Prysmian PowerLink S.r.l.
The rate used to calculate the tax charge is 24% for IRES (Italian corporate income tax), and 5.57% for IRAP (Italian
regional business tax).

23. Contingent liabilities
As a global operator, the Company is exposed to legal risks primarily, by way of example, in the areas of product
liability, and environmental, antitrust and tax rules and regulations. The outcome of existing or future legal disputes
and proceedings cannot be predicted with certainty. The outcome of such proceedings could result in the payment
of costs that are not covered, or not fully covered, by insurance, which would therefore have a direct effect on the
Company’s financial condition and results.
As at 31 December 2023, there were no contingent liabilities against which the Company had not set aside provisions
for risks and charges and for which the related legal and tax proceedings not believed to give rise to significant liabilities.
24. Commitments
The Company had the following types of commitments at 31 December 2023:
a) Commitments to purchase property, plant and equipment and intangible assets

Contractual commitments, already given to third parties at 31 December 2023 and not yet reflected in the financial
statements, amount to Euro 3,501 thousand (Euro 2,932 thousand at 31 December 2022).
b) Comfort letters in support of bank guarantees given to Group companies

Comfort letters in support of bank guarantees given in the interest of Group companies amount to Euro 65 thousand
at 31 December 2023, all of which relating to P.T. Prysmian Cables Indonesia (Euro 67 thousand at 31 December 2022).
c) Other guarantees given in the interest of Group companies

These amount to Euro 9,196,577 thousand at 31 December 2023 (Euro 7,409,383 thousand at 31 December 2022),
analysed as follows:
Prysmian Cavi e Sistemi S.r.l. 14,577 30,228
Prysmian Netherlands B.V. 40,293 40,293
Prysmian PowerLink S.r.l. 6,458,428 5,575,651
Prysmian Cables & Systems Limited 22,915 19,037
Prysmian Cables and Systems USA, LLC 2,508,154 1,674,947
Fibre Ottiche Sud - F.O.S. S.r.l. 3,931 9,855
Prysmian Cables Spain SA 49,593 49,516
Prysmian Re Company Ltd - 9,855
Other companies 98,685 -
Total 9,196,577 7,409,383
The comfort letters and guarantees given in the interest of Group companies in (b) and (c) mainly refer to projects and
supply contracts and to the offsetting of VAT credits under the Group VAT settlement.
d) Comfort letters in support of bank guarantees given in the interest of the Company
These amount to Euro 20,064 thousand, versus Euro 20,063 thousand in the previous year.
As required by art. 2427 point 22-ter, it is reported that, in addition to the above disclosures about commitments, there
are no other agreements that are not reflected in the statement of financial position that carry material risks or rewards
and which are critical for assessing the Company’s assets and liabilities, financial position and results of operations.

25. Related party transactions
Transactions between Prysmian S.p.A. and its subsidiaries mainly refer to:
• services (technical, organisational and general) provided by head office to subsidiaries;

• charging of royalties for the use of patents to the Group companies that benefit from them;
• financial transactions entered into by the Parent Company on behalf of, and with, Group companies.
All the above transactions fall within the ordinary course of business of the Parent Company and its subsidiaries.
The related party disclosures also include the compensation paid to Directors, Statutory Auditors and Key Management
Personnel.
More details about related party transactions are provided in the table of “Intercompany and related party transactions
(disclosure under art. 2428 of the Italian Civil Code)” appended to the present Explanatory Notes.
The following tables summarise related party transactions in the years ended 31 December 2023 and 31 December 2022:
31 December 2023
Trade Employee
Trade
and other benefit
Investments and other
(Euro/thousand) receivables obligations Tax payables
in subsidiaries payables and
and and other
derivatives
derivatives provisions
Subsidiaries 5,719,702 398,174 473,653 -
Other related parties:
Compensation of directors, statutory

- - 1,410 3,780 -
auditors and key management personnel
Total 5,719,702 313,174 475,063 3,780 -
31 December 2023
Trade Employee
Trade
and other benefit
Investments and other
(Euro/thousand) receivables obligations Tax payables
in subsidiaries payables and
and and other
derivatives
derivatives provisions
Subsidiaries 5,701,163 511,498 767,793 -
Other related parties:
Compensation of directors, statutory

- - 1,435 5,374 -
auditors and key management personnel
Total 5,701,163 511,498 769,228 5,374 -
2023
Raw Cost of Fair value

(Euro/thousand) Revenues Finance Finance
materials, goods change Personnel Personnel
and other income/ income/
consumables and in metal costs costs
income (costs) (costs)
and supplies services derivatives
Subsidiaries 233,110 1,440 37,426 27 - 26,311 304,761 20,716
Other related
parties:
Compensation of
directors, statutory - - 1,291 - 5,848 - - -
auditors and key
management
personnel
Total 233,110 1,440 38,718 27 5,848 26,311 304,761 20,716

2023
Raw Cost of Fair value

(Euro/thousand) Revenues Finance Finance
materials, goods change Personnel Personnel
and other income/ income/
consumables and in metal costs costs
income (costs) (costs)
and supplies services derivatives
Subsidiaries 230,898 2,642 36,300 (28) - 51,448 176,287 6,696
Other related
parties:
Compensation of
directors, statutory - - 1,082 - 10,115 - - -
auditors and key
management
personnel
Total 230,898 2,642 37,382 (28) 10,115 51,448 176,287 6,696
Transactions with subsidiaries
These refer to services supplied to and received from Group companies and to current account transactions with the
Group’s central treasury company.
Top management compensation
Top management compensation is analysed as follows:
Salaries and other short-term benefits - fixed part 2,036 2,010
Salaries and other short-term benefits - variable part 1,316 1,692
Other benefits 156 150
Share-based payments 2,340 6,262
Total 6,964 11,233
of which Directors 6,964 11,233
26. Significant non-recurring events and transactions

As required by Consob Communication DEM/6064293 dated 28 July 2006, the effects of non-recurring events and
transactions on the Company’s income statement are shown below, involving net non-recurring expenses totalling
Euro 2,583 thousand in 2023 and net non-recurring expenses of Euro 12,655 thousand in 2022.
Non-recurring other income - 327
Non-recurring other expenses (2,583) (12,983)
Non-recurring finance costs - -
Non-recurring finance income - -
Total (2,583) (12,655)
The statement of financial position and net financial debt contain no material amounts in connection with non-
recurring events.

27. Compensation of directors and statutory auditors
Directors’ compensation amounts to Euro 6,964 thousand in 2023 (Euro 11,233 thousand in 2022). Statutory auditors’
compensation for duties performed in Prysmian S.p.A. amounts to Euro 175 thousand in 2023 (Euro 175 thousand
in 2022). Compensation includes emoluments, and any other types of remuneration, pension and medical benefits,
received for their service as directors or statutory auditors of Prysmian S.p.A.. Further details can be found in the
Remuneration Report.
28. Atypical or unusual transactions

reported that no atypical and/or unusual transactions took place during the year.
29. Group financial covenants

The credit agreements in place at 31 December 2023, details of which are presented in Note 10. Borrowings from banks
and other lenders, require the Group to comply with a series of covenants on a consolidated basis. The main covenants,
classified by type, are listed below:
a) Financial covenants
• Ratio between EBITDA and Net finance costs (as defined in the relevant agreements), not applicable to the
Revolving Credit Facility 2023 as long as the Company maintains a long-term “Investment Grade” credit rating;
• Ratio between Net Financial Debt and EBITDA (as defined in the relevant agreements).
The covenants contained in the relevant credit agreements are as follows:
Net financial debt/EBITDA(*)

EBITDA/Net finance costs(*) not less than:
not more than:
4.00x 3.00x
(*) The ratios are calculated on the basis of the definitions contained in the relevant credit agreements. The Net Financial Debt/EBITDA ratio can go as high as 3.5 following
extraordinary transactions like acquisitions, no more than three times, including on non-consecutive occasions.
b) Non-financial covenants
A number of non-financial covenants have been established in line with market practice applying to transactions of a
similar nature and size. These covenants involve restrictions on the grant of secured guarantees to third parties and on
amendments to the Company’s by-laws.
Compliance with these indicators entails a benefit in terms of lower finance costs, while non-compliance would result
in higher finance costs.
Default events
The main default events are as follows:
• default on loan repayment obligations;

• breach of financial covenants;
• breach of some of the non-financial covenants;
• declaration of bankruptcy by Group companies or their involvement in other insolvency proceedings;
• issuing of particularly significant court orders;
• occurrence of events that may adversely and significantly affect the business, the assets or the financial conditions
of the Group.
Should a default event occur, the lenders are entitled to demand full or partial repayment of the amounts lent and not
yet repaid, together with interest and any other amount due. No collateral security is required.

Actual financial ratios reported at period end, calculated at a consolidated level for Prysmian, are as follows:
31.12.2023 31.12.2022
EBITDA / Net finance costs(1)(2) 26.90x 27.26x
Net financial debt / EBITDA(1) 0.56x 0.83x
(1) The ratios are calculated on the basis of the definitions contained in the relevant credit agreements.
(2) This covenant does not apply to the Revolving Credit Facility 2023.
The above financial ratios comply with both covenants contained in the relevant credit agreements and there are no
instances of non-compliance with the financial and non-financial covenants indicated above
30. Statement of cash flows

Operating activities generated a net cash inflow of Euro 137,888 thousand in 2023, inclusive of Euro 10,986 thousand
as the difference between net taxes paid to tax authorities and those collected from the Group’s Italian companies for
IRES (Italian corporate income tax) transferred under the national tax consolidation (art. 117 et seq of the Italian Income
Tax Code).
Investing activities generated a net cash inflow of Euro 454,188 thousand, primarily from Euro 327,381 thousand in
dividend receipts, as partially offset by Euro 41,430 thousand in capital contributions to subsidiaries.
Financing activities produced a net outflow of Euro 592,607 thousand. This included a total of Euro 200,000 thousand
in loan repayments. New funds raised in the period in the form of new loans came to Euro 121,937 thousand.
Net finance costs charged to the income statement amounted to Euro 49,805 thousand, including non-cash items;
excluding these items, net cash finance costs reported in the statement of cash flows were Euro 27,800 thousand.
Non-cash items included in net finance costs mostly related to non-cash interest expense on bonds and to loan
arrangement costs.
After all these effects the Company’s overall net cash outflow for 2023 was Euro 531 thousand.
31. Information pursuant to Art.149-Duodecies of the Consob -Issuer regulations

Pursuant to art. 149-duodecies of the Consob Issuer Regulations, the following table shows the fees in 2023 for audit
work and other services provided by the independent auditors EY S.p.A.:
(Euro/thousand) Supplier of services Fees for 2023 Fees for 2022
Audit services EY S.p.A. 821 798
Certification services EY S.p.A. 310 363
Total 1,131 1,161
32. State aid

With regard to the transparency rules governing state aid contained in art. 1, par. 125-129 of Italian Law 124/2017, as
amended by art. 35 of Legislative Decree 34/2019 (the so-called “growth decree”), published in Italy’s Official Journal
no. 100 dated 30 April 2019, reference should be made to the National State Aid Register for details of the state aid and
de minimis aid reported therein.

33. Research and development
The Group’s research and development activities are mostly concentrated within Prysmian S.p.A.. The central team, in
coordination with R&D and engineering centres in the various countries, has developed numerous projects over the
year in the field of both energy and telecom cables; significant advances have been made in the area of materials and
optical fibre technology.
R&D costs incurred in 2023 have been expensed in full to income and amounted to Euro 29,352 thousand versus Euro
30,485 thousand in 2022.
34. Accounting policies

The accounting policies and standards adopted are the same as those used for preparing the consolidated financial
statements, to which reference should be made, except as described below.
Dividends
Dividend income is recognised in the income statement when the right to receive the dividends is established,
normally coinciding with the shareholders’ resolution declaring the same, irrespective of whether such dividends are
paid out of an investee company’s pre- or post-acquisition earnings.
The distribution of dividends to shareholders is recognised as a liability in the Company’s financial statements at the
time the distribution of such dividends is approved.
Granted shares are measured at the fair value determined on their grant date. This value is charged to the income
statement on a straight-line basis over the share vesting period with a matching entry in equity. This recognition is
based on the estimated number of granted shares that will effectively vest in favour of eligible employees, taking into
consideration any conditions applying to their enjoyment, irrespective of the market value of the shares.
This value is recognised:
A. as an expense in the income statement, with a matching credit to an equity reserve, for shares vesting in favour of
the Company’s employees;
B. if the related cost is recharged, the part relating to the grant date fair value is recognised in equity, while the
difference between the grant date fair value and the vesting date fair value or reporting date fair value is recognised
in the income statement as a dividend;
C. as an increase in the value of investments in subsidiaries, with a matching credit to an equity reserve, for shares
vesting in favour of employees of Group companies.
Investments in subsidiaries
Investments in subsidiaries are measured at cost, less any impairment losses.
If there is specific evidence of impairment, the value of investments in subsidiaries, determined on the basis of cost, is
tested for impairment. This involves comparing the carrying amount of investments with their recoverable amount,
defined as the higher of fair value less costs to sell and value in use.
The value of investments is tested for impairment in at least one of the following circumstances:
• the carrying amount of the investment in the separate financial statements exceeds the carrying amount of the
investee’s net assets, including any associated goodwill, reflected in the consolidated financial statements;
• the investee’s reported EBITDA is less than 50% of that projected in the business plan, if this performance indicator
is relevant to the company in question;
• the dividend distributed by the investee exceeds the total comprehensive income of the investee in the period to
which the dividend refers.

If the recoverable amount of an investment is less than its carrying amount, then the latter is reduced to such
recoverable amount. This reduction represents an impairment loss, which is recognised through profit or loss.
For the purposes of impairment testing, the fair value of investments in listed companies is determined with reference
to market value, regardless of the size of holding. The fair value of investments in unlisted companies is determined
using valuation techniques, amongst which the market multiples approach.
Value in use is determined using the “Discounted Cash Flow - equity side” method, which involves calculating the
present value of estimated future cash flows generated by a subsidiary, including cash flows from operating activities
and consideration arising from the investment’s ultimate sale, net of its cash position at the valuation date.
If the reasons for a previously recognised impairment loss cease to apply, the carrying amount of the investment is
reinstated but to no more than its original cost, with the related revaluation recognised through profit or loss.
Treasury shares
Treasury shares are reported as a deduction from equity. The original cost of treasury shares and revenue arising from
any subsequent sales are treated as movements in equity
35. Estimates and assumptions

The preparation of financial statements requires Management to apply accounting policies and methods which,
at times, rely on subjective judgements and estimates based on past experience and assumptions deemed to be
reasonable and realistic according to the circumstances. The application of these estimates and assumptions influences
the amounts reported in the financial statements, meaning the statement of financial position, the income statement,
the statement of comprehensive income and the statement of cash flows, as well as the accompanying disclosures.
Ultimate amounts, previously reported on the basis of estimates and assumptions, may differ from original estimates
because of uncertainty surrounding the assumptions and conditions on which the estimates were based.
The following is a brief description of the accounting policies that require the Management of Prysmian S.p.A. to
exercise greater subjectivity of judgement when preparing estimates and a change in whose underlying assumptions
could have a material impact on the financial statements.
[a] Provisions for risks and charges

Provisions are recognised for legal and tax risks to reflect the risk of an adverse outcome. The value of the provisions recorded
in the financial statements against such risks represents the best estimate by Management at the reporting date. This
estimate requires the use of assumptions depending on factors that may change over time and which could, therefore, have
a material impact on the current estimates made by Management to prepare the Company’s financial statements.
[b] Impairment of assets

In accordance with the accounting policies applied by the Group, property, plant and equipment and intangible assets
with finite useful lives and equity investments are tested for impairment when indicators suggest it will be difficult to
realise recoverable value through use of the assets, which are written down accordingly. Verification of the existence
of these indicators requires Management to make subjective judgements based on information available within the
Company and from the market, as well as on past experience. In addition, if a potential impairment loss is identified,
the Company determines the amount of such impairment using suitable valuation techniques. Correct identification
of indicators of potential impairment, as well as the estimates for determining its amount, depend on factors which
can vary over time, thus influencing judgements and estimates made by Management.
Irrespective of the existence of indicators of potential impairment or otherwise, all intangible assets not yet ready for
use must be tested for impairment once a year.
The Company has no intangible assets with an indefinite useful life recorded in its financial statements.
[c] Climate change

As more fully explained in the Directors’ Report accompanying the consolidated financial statements and in the
Consolidated Non-Financial Statement, the Company, together with the entire Prysmian, has embarked on an
ambitious “Net Zero” strategy, aligned with the requirements of the Paris Agreement. In this context, Prysmian analyses
and assesses the risks and opportunities of climate change and has set targets for the reduction of greenhouse gas
emissions classified as Scope 1 and 2 (direct and indirect emissions generated by its own activities) and as Scope 3
(generated by the value chain).
The consequences in terms of investments, costs and other cash flow impacts have been considered when preparing
financial forecasts, consistent with the progress of this process. The replacement program for certain assets, aimed at
achieving the “Net Zero” strategy, involves reviewing the useful lives of these assets, with a consequent acceleration
of their depreciation process. The 2023 impairment tests have taken into account the impacts on investment flows, as
far as they can be currently estimated, without any significant effects on the test results. It is also possible that in the
future the carrying amount of assets or liabilities recognised in the Company’s financial statements may be subject to
different impacts as the strategy of managing climate change evolves.

[d] Depreciation and amortisation
The cost of property, plant and equipment and intangible assets is depreciated/amortised on a straight-line basis
over the estimated useful lives of the assets concerned. The useful economic life of the Company’s property, plant
and equipment and intangible assets is determined by Management when assets are acquired. This is based on
past experience for similar assets, market conditions and expectations regarding future events that could impact
useful life, including developments in technology. Therefore, actual economic life may differ from estimated useful
life. The Company periodically reviews technological and industry developments to update residual useful lives. This
periodic review may result in a revision of the depreciation/amortisation period and consequently of the depreciation/
amortisation charge for future years.
[e] Taxes
Current taxes are calculated on the basis of taxable income for the year, applying the tax rates in force at the reporting
date.
Deferred tax assets are recognised to the extent there is likely to be sufficient future taxable income against which they
can be recovered.
[f] Employee benefit obligations

The present value of the pension plans reported in the financial statements depends on an independent actuarial
calculation and on a number of different assumptions. Any changes in assumptions and in the discount rate used
are duly reflected in the present value calculation and may have a significant impact on the figures reported in the
financial statements. The assumptions used for the actuarial calculation are examined by the Company annually.
Present value is calculated by discounting future cash flows at an interest rate equal to that on high-quality corporate
bonds issued in the currency in which the liability will be settled and which takes account of the duration of the related
pension plan.
Further information can be found in Note 13. Employee benefit obligations and Note 17. Personnel costs.
[g] Incentive and share purchase plans

The employee share purchase plan, open to almost all the Group’s employees, offers them an opportunity to obtain
shares under preferential terms and conditions. The operation of this plan is described in Note 17. Personnel costs.
The grant of shares is subject to continued employment with the Group in the months between signing up to one of
the plan’s purchase windows and the purchase of the shares themselves on the equity market. The plan’s financial and
economic impact has therefore been estimated on the basis of the best possible estimates and information currently
available.
The 2023-2025 incentive plan involves the allocation of a number of shares calculated according to the achievement of
operational, economic and financial performance conditions. The plan’s financial and economic impact has therefore
been estimated on the basis of the best possible estimates and information available at the valuation date. More
details can be found in Note 17. Personnel costs.
The “BE IN” incentive plan provides for the grant of a number of shares. Sometimes this number is determined on the
basis of the achievement of performance targets, as well as on the basis of employee participation. The plan’s financial
available at the valuation date. More details can be found in Note 17. Personnel costs.
36. Events after the reporting period

There have been no subsequent events that could have an impact on the values reported in these financial statements.
37. Filing of financial statements
The financial statements of Prysmian S.p.A. at 31 December 2023 will be filed within the legally required term at its
registered office and will be available for viewing on the websites of the company at www.prysmian.com, the central
storage mechanism at www.emarketstorage.com and the Italian Stock Exchange at www.borsaitaliana.it.
The financial statements of the sub-holding company Prysmian Cavi e Sistemi S.r.l. will be filed at the registered office
in Via Chiese 6, Milan; the financial statements of the sub-holding company Draka Holding B.V. will not be presented,
as permitted by Dutch law.

THE CHAIRMAN
Claudio De Conto

List of investments in subsidiaries at 31 december 2023
Share Prysmian Net profit/

Net book
(Euro/thousand) Registered office % owned capital Total equity share (loss) for the
value
in Euro of equity year
Italian subsidiaries
Prysmian Cavi
Milan, Via Chiese, 6 409,485 100 50,000 353,418 353,418 2,904
e Sistemi S.r.l.
Prysmian Cavi
Milan, Via Chiese, 6 116,371 100 77,143 814,478 814,478 9,779
e Sistemi Italia S.r.l.
Prysmian
Milan, Via Chiese, 6 219,936 100 100,000 117,579 117,579 (11,382)
PowerLink S.r.l.
Fibre Ottiche Sud - Battipaglia, Strada

33,338 100 47,700 33,338 33,338 (32,284)
F.O.S. S.r.l. Provinciale 135
Prysmian
Milan, Via Chiese, 6 83,555 100 80,000 108,165 108,165 11,826
Treasury S.r.l.
Electronic and
Optical Sensing Milan, Via Chiese, 6 45,803 100 5,000 32,114 32,114 (1,493)
Solutions S.r.l.
Prysmian
Milan, Via Chiese, 6 4,430 100 3,000 3,511 3,511 (918)
Servizi S.p.a.
Total Italian
912,918
subsidiaries
Foreign
subsidiaries
Draka Holding B.V. Amsterdam, Olanda 4,803,349 100 52,229 4,689,644 4,689,644 340,911
Prysmian Kabel
Berlino, Germania 3,434 6.25 15,000 102,558 6,410 16,427
und Systeme GmbH
Bratislava,
Prysmian Kablo SRO 1 0.005 21,246 13,360 - 450
Slovacchia
Jaguar
Communication
Mumbai, India - 0.000001 1,986 396 - (258)
Consultancy Services
Private Ltd.
Prysmian Cabos
e Sistemas Sorocaba, Brasile - 0.040177 170,136 232,660 93 37,034
do Brasil S.A.
Total foreign
4,806,784
subsidiaries
Grand total 5,719,702

Intercompany and related party transactions
(disclosure under Art. 2428 of the italian civil code)
Costs Revenues
Goods and services
Goods and services
Income (expense)
Finance income
from group tax

Investments in
Dividends and
(Euro/thousand)
Finance costs
consolidation
(impairment)
Receivables
subsidiaries
Payables
Associated Cables Pvt. Ltd - 2 - - - - - - -
Auto Cable Tunisie - - - - - - - - -
Cobre Cerrillos S.A. - 635 (114) 87 - (1,242) - - -
Conducen, SRL - 1,158 - 66 - (1,132) - - -
Draka Belgium N.V. - 2 - - - (3) - - -
Draka Comteq Berlin GmbH & Co KG - 413 - - - (982) - - -
Draka Comteq Cabos Brasil S.A - - (22) - - - - - -
Draka Comteq Fibre BV - 921 (177) 395 - (1,144) - - -
Draka Comteq France SAS - 1,810 (39) 39 - (3,537) - - -
Draka Comteq Germany

- 3,202 - 87 - (38,921) - - -
GmbH & Co.KG
Draka Comteq UK Limited - 386 (36) 59 - (561) - - -
Draka Durango S. de R.L. de C.V. - 40 (26) - - (1) - - -
Draka Elevator Products INC - 2,049 (15) - - (2,191) - - -
Draka Elevator Products, Inc. - 93 - - - (70) - - -
Draka Fileca S.A.S. - 806 - - - (1,307) - - -
Draka Holding B.V. 4,803,349 2,221 (331) 591 - (1,615) - (317,505) -
Draka Kabely SRO - 6,836 (155) 244 - (140,088) - - -
Draka Paricable SAS - 1 - - - (16) - - -
Draka Philippines Inc. - 3,383 (12) - - (28,532) - - -
Draka Transport USA LLC - 912 - - - (3,387) - - -
EHC Canada Inc. - 382 - - - (76) - - -
EHC Engineered Polymer (Shanghai)

- (1) - - - - - - -
Co. Ltd.
EHC Escalator Handrail (Shanghai)

- (2) (51) 51 - - - - -
Co. Ltd.
EHC Germany GmbH - 71 - - - (25) - - -
EHC Lift Components (Shanghai)

- (1) - - - - - - -
Co. Ltd.
EHC USA Inc. - 7 - - - (2) - - -
Electronic and Optical Sensing

45,803 446 (14) 14 - (244) - (50) (6)
Solutions S.r.l.

Costs Revenues
Goods and services
Goods and services
Income (expense)
Finance income
from group tax

Investments in
Dividends and
(Euro/thousand)
Finance costs
consolidation
(impairment)
Receivables
subsidiaries
Payables
EURELECTRIC TUNISIE S.A. - 110 (8) 8 - - - - -
Fibre Ottiche Sud - F.O.S. S.r.l. 33,338 1,083 (839) 865 - (814) - 35,361 -
General Cable Celcat, Energia e

- 4,824 (35) 23 - (71,091) - - -
Telecomunicacoes SA
General Cable Company Ltd. - 2,882 - - - (3,084) - - -
General Cable Corporation - 21 - - - (22) - - -
General Cable de Mexico, S.A de C.V. - 684 14- 62 - (962) - - -
Grupo General Cable Sistemas, S.L. - (15) - 138 - (37,296) - - -
Jaguar Communication Consultancy

- 452 - - - - - - -
Services Private Ltd.
LLC Prysmian RUS - 616 (69) 812 - (57) - - -
LLC Rybinskelektrokabel - - (110) 243 - - - - -
MCI-Draka Cable Co. Ltd - 4,442 (111) 67 - (987) - - -
Nantong Zhongyao Draka Elevator

- 0 - - - -
Products Co. LTD
Norddeutsche Seekabelwerke
- 1,608 (162) 720 - (1,336) - - -
GmbH
Oman Aluminium Processing

- 3 (8,252) - - 45,412- - - -
Industries LLC
Oman Cables Industry (SAOG) - 753 (341) 722 - (1,046) - - -
Omnisens SA - 171 - - - (38) - - -
P.O.R. S.A.S. - - (2,136) 2,136 - - - - -
P.T. Prysmian Cables Indonesia - 609 (44) 48 - (1,453) - - -
Power Cables Malaysia SND – BHD - (190) - - - - - - -
Prestolite de Mexico, S.A. de C.V. - 3 (39) 39 - - - - -
Productora de Cables Procables

- 893 (8) 7 - (954) - - -
S.A.S.
Projects Germany GmbH - 268 (129) 193 - (201) - - -
Prysmian - OEKW GmbH - 27 - - - (43) - - -
Prysmian (CHINA) Investment

- 206 (26) - - (13) - - -
Company Ltd
Prysmian Australia PTY Ltd - 3,591 (215) 292 - (6,733) - - -
Prysmian Cable (Shanghai) Trading

- (1) - - - - - - -
Co Ltd - Suzhou Branch
Prysmian Cables & Systems Limited - 19,085 (1,407) 2,016 - (212,617) (256) - -
Prysmian Cables (Shangai) Trading

- 363 (42) - - (162) - - -
CO. Ltd

Costs Revenues
Goods and services
Goods and services
Income (expense)
Finance income
from group tax

Investments in
Dividends and
(Euro/thousand)
Finance costs
consolidation
(impairment)
Receivables
subsidiaries
Payables
PRYSMIAN CABLES AND SYSTEMS
- 1,060 - - - - - - -
(US) INC.
Prysmian Cables and Systems

- 2,179 (20) 73 - (4,200) - - -
Canada LTD
Prysmian Cables and Systems USA,

- 34,636 (5,499) 18,954 - (31,492) (14,984) 3 -
LLC
Prysmian Cables et Systèmes France

- 20,862 (1,024) 1,544 - (255,752) (406) - -
SAS
Prysmian Cables Spain, S.A.

- 28,800 (692) 997 - (178,709) (257) - -
(Sociedad Unipersonal).
Prysmian Cables y Sistemas de

- 43 26 12 - (38) - - -
Mexico S. de R.L. de C.V.
Prysmian Cabluri Si Sisteme S.A. - 7,307 (1,152) 1,843 - (51,933) - - -
Prysmian Cabos e Sistemas do Brasil

- 2,039 (534) 469 - (3,816) - - -
S.A.
Prysmian Cavi e Sistemi Italia S.r.l. 116,372 10,256 (625) 1,085 - (37,388) - (384) (2,810)
Prysmian Cavi e Sistemi S.r.l. 409,484 24,717 (264) 270 - (40,983) - (818) (600)
Prysmian Construction Services Inc. - 131 - - - - - - -
Prysmian Energia Cables y Sistemas

- 47 (69) 339 - (187) - - -
de Argentina S.A.
Prysmian Baltics AS - 8,857 (76) 76 - (66,579) - - -
Prysmian Denmark A/S - 257 - - - (91) - - -
Prysmian Finland OY - 21,699 (129) 189 - (143,026) - - -
Prysmian Norge AS - 1,029 (81) 131 - (975) - - -
Prysmian North Europe AB - 9,319 (64) 106 - (45,006) - - -
Prysmian Specialty Cables LLC - 758 - - - (860) - - -
Prysmian Hong Kong Holding

- 23 - - - (110) - - -
Limited
Prysmian Kabel und Systeme GmbH 3,434 12,243 (152) 480 - (47,803) - - -
Prysmian Kablo SRO 1 1,206 - 10 - (2,823) - - -
Prysmian Kablo SRO - Branch

- (0) - - -
Czech Republic
Prysmian MKM Magyar Kabel

- 17,631 (118) 178 - (305,179) - - -
Muvek Kft
Prysmian Netherlands B.V. - 12,946 (306) 545 - (144,146) (604) - -
Prysmian New Zealand Ltd. - 172 (23) 23 - (125) - - -
Prysmian Pension Scheme Trustee

- - - - -
Limited
Prysmian Poland SP. ZOO - 333 (27) 64 - (72) - - -

Costs Revenues
Goods and services
Goods and services
Income (expense)
Finance income
from group tax

Investments in
Dividends and
(Euro/thousand)
Finance costs
consolidation
(impairment)
Receivables
subsidiaries
Payables
Prysmian Power Link Srl 219,936 37,137 (5,394) 747 - (115,061) (39,927) (1,355) (12,553)
Prysmian Powerlink Services Ltd. - 191 - - - (137) - - -
Prysmian RE Company Designated

- 5,132 - - - (5,132) - - -
Activity Company
Prysmian Servizi S.p.A. 4,430 86 - - - (86) - - -
Prysmian Spain SA EPC-Branch

- - (63) 64 - - - - -
South Africa
Prysmian Technology Jiangsu Co.

- 607 - - - (154) - - -
Ltd.
Prysmian Tianjin Cables Co. Ltd. - (2) (11) 11 - - - - -
Prysmian Treasury Srl 83,555 8,565 (441,389) 46 42,979 (808) (12,856) (20,014) (4,748)
Prysmian Wuxi Cable Company Ltd - 1,660 (18) 18 - (1,062) - - -
RAVIN CABLES LIMITED (India) - 25 - - - - - - -
SILEC Cable, S.A.S. - 7,499 - - - (68,050) - - -
Sindutch Cable Manufacturer Sdn

- 1,707 (26) 42 - (1,324) - - -
Bhd
Singapore Cables Manufacturers Pte

- 943 (46) 59 - (608) - - -
Ltd
Société Ivoirienne De Cables S.A. - 188 - - - (113) - - -
Suzhou Draka Cable Co. Ltd - 1,945 (392) 393 - (519) - - -
Turk Prysmian Kablo Ve Sistemleri

- 45,598 (70) 101 - (35,696) - - -
A.S.
General de Cable de Mexico del

- 24 - - - - - - -
Norte, S.A. de C.V.
EHC Spain & Portugal, SL - 32 - - - - - - -
Yangtze Optical Fibre and Cable

- 28 - - - - - - -
Joint Stock Limited Co.
TOTAL 5,719,702 398,174 (473,188) 38,893 42,979 (2,108,617) (69,290) (304,761) (20,716)

4. Certification of the separate financial
statements
pursuant to Art. 81-ter of CONSOB regulation 11971 dated 14 may 1999 as amended
1. The undersigned Valerio Battista, as Chief Executive Officer, and Stefano Invernici and Alessandro Brunetti, as
managers responsible for preparing the financial reports of Prysmian S.p.A., certify, also taking account of the
provisions of paragraphs 3 and 4, art. 154-bis of Italian Legislative Decree 58 dated 24 February 1998, that during
2023 the accounting and administrative processes for preparing the separate financial statements:
• have been adequate in relation to the business’s characteristics and

• have been effectively applied.
2. The adequacy of the accounting and administrative processes for preparing the separate financial statements at 31
December 2023 has been evaluated on the basis of a procedure established by Prysmian in compliance with the
internal control framework published by the Committee of Sponsoring Organizations of the Treadway Commission,
which represents the generally accepted standard model internationally.
3. It is also certified that:
3.1 the separate financial statements at 31 December 2023:
a) have been prepared in accordance with applicable international accounting standards recognised by the
European Union under Regulation (EC) 1606/2002 of the European Parliament and Council dated 19 July 2002;
b) correspond to the underlying accounting records and books of account;
c) are able to provide a true and fair view of the issuer’s statement of financial position and results of operations.
3.2 The directors’ report contains a fair review of performance and the results of operations, and of the issuer’s
situation, together with a description of the principal risks and uncertainties to which it is exposed.
Valerio Battista Stefano Invernici Alessandro Brunetti

Chief Executive Officer Managers responsible for preparing company financial reports

Proposal to approve the financial statements
and to allocate net profit for 2023
Shareholders,
We are submitting the separate financial statements for the year ended 31 December 2023 for your approval and
recommend that you adopt the following:
RESOLUTION
The Shareholders’ Meeting:
• acknowledges the report by the Board of Directors,

• acknowledges the reports by the Board of Statutory Auditors and by the Independent Auditors,
• has examined the financial statements at 31 December 2023, which close with a net profit of Euro 264,265,777 and
RESOLVES
a) To approve:
• the report on operations by the Board of Directors;

• the financial statements at 31 December 2023;
as presented by the Board of Directors - as a whole and in their individual parts, along with the proposed provisions
- which show a net profit of Euro 264,265,777;
b) To allocate the net profit for the year as follows:

• Euro 167,804 to the Legal Reserve, thereby reaching one-fifth of share capital at 31 December 2023, as required
by art. 2430 of the Italian Civil Code;
• approximately Euro 190,971,230 million to pay a gross unit dividend of Euro 0.70 to each ordinary voting share
(taking account of directly held treasury shares);
• the remainder of Euro 73,126,743 to Retained Earnings.
Any change in the number of treasury shares held by the Company at the time of distribution will not affect the
amount of the dividend per share, established above, but will increase or decrease the amount allocated to Retained
Earnings.
The dividend will be paid out from 24 April 2024, with record date 23 April 2024 and ex-div date 22 April 2024.

THE CHAIRMAN
Claudio De Conto

5. Auditors’ Report
418
419
420
421
422
6. Report of the Board of Statutory Auditors
423
424
425
426
427
428
429
430
431
The planet’s pathways

Integrated Annual Report 2023

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CONNECT TO LEAD

The planet’s pathways

Letter from the CEO 7

A. INTEGRATED ANNUAL REPORT 9

1. Introduction: Prysmian approach to the integrated report 9

3. Prysmian: Connect, to lead 12

4. Prysmian: Sustain, to lead 22

5. Prysmian’s two ambitions: Climate Change and Social Ambition 25

6. The sustainability scorecard 27

9. Business environment and financial markets 47

10. Significant events during the year 50

11. Group performance and results 60

2 Prysmian - Relazione Annuale Integrata 2023

13. Other information 86

14. Business outlook 87

15. Certification pursuant to Art. 2.6.2. of the regulation of markets organized

16. Consolidated non-financial statement 88

17. SASB e TCFD 213

18. EU Taxonomy 222

19. Audit report on non-financial disclosure 239

A. Relazione sulla gestione 3

1. Consolidated financial statements 243

2. Explanatory Notes 247

3. 3. Certification of the Consolidated Financial Statements pursuant

4. Auditor’s Report 344

C. PARENT COMPANY FINANCIAL STATEMENTS 351

1. Directors’ report 351

2. Financial statements 359

3. Explanatory notes 363

4. Certification of the separate financial statements pursuant

5. Auditors’ Report 418

6. Report of the Board of Statutory Auditors 423

4 Prysmian - Relazione Annuale Integrata 2023

By carefully understanding the market dynamics, we expe-

The results in terms of profitability were significant, with a

Cash generation remains a key factor in our success, with

8 Prysmian - Integrated Annual Report 2023

1. Introduction: Prysmian approach

The documentation published for 2023 on sustainability matters also includes:

European Single Electronic Format (ESEF) fulfillments

Key financial, operating and ESG performance data

(Euro/million) 2023 2022 % Change 2021

Sales 15,354 16,067 -4.4% 12,736

Adjusted EBITDA before share of net profit/(loss)

Adjusted EBITDA(1) 1,628 1,488 9.4% 976

EBITDA(2) 1,485 1,387 7.1% 927

Adjusted operating income(3) 1,270 1,119 13.5% 647

Operating income 860 849 1.3% 572

Profit/(loss) before taxes 764 739 3.4% 476

Net profit/(loss) 547 509 7.5% 310

(Euro/million) 31.12.2023 31.12.2022 Change 31.12.2021

Net invested capital 5,493 5,517 (24) 5,295

Employee benefit obligations 333 329 4 446

Equity 3,972 3,771 201 3,089

- of which attributable to non-controlling interests 191 186 5 174

Net financial debt 1,188 1,417 (229) 1,760

(Euro/million) 2023 2022 % Change 2021

Net capital expenditure(4) 624 452 38.1% 275

Employees (at period-end) 30,088 30,185 -0.3% 29,763